Oil Gains After Saudi Paves Way For Output Cut

Oil rose by more than 1% on Nov. 12, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day (MMbbl/d).

Saudi Arabia, the world’s largest oil exporter, said on Nov. 11 it would cut its shipments by 500,000 bbl/d in December due to seasonal lower demand.

Brent crude futures LCOc1 rose 80 cents on the day to $70.98/bbl by 1205 GMT, while U.S. crude futures rose 36 cents to $60.69/bbl.