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Oil prices rise after Saudi Arabia announced a cut in supplies
Oil prices rose on Monday after Saudi Arabia announced a cut in supplies for December in a measure to stop the decline in prices, which have fallen by 20% since the beginning of October.
By 6:49 GMT, Brent crude was up 1.88% at $ 71.50 a barrel, while US crude oil futures rose 1.30% to $ 60.97 a barrel.
The rise came after Saudi Energy Minister Khalid al-Falih said on Sunday that his country plans to reduce its oil supply to world markets by 0.5 million barrels per day in December.
Al-Falih said Saudi Aramco's crude oil allocations to its customers would fall 500,000 bpd in December, compared with November due to a seasonal drop in oil demand.
The move comes at a time when OPEC is facing uncertain prospects in its attempts to persuade other producers to agree to cut production.
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