A lowdown on top macro triggers that may move market on Monday.
Saudi Arabia announced a December supply cut, after the OPEC committee and its allies called on dozens of oil-exporting nations to launch a new round of output cutsUK
Brent crude dropped below $70 a barrel on Friday for the first time since April while the New York's West Texas Intermediate sank below $60 a barrel, ..
Oil prices rose by about one percent on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen crude decline by 20 percent since early October.
ENERGY To prop up oil prices, producers begin to weigh cuts Major oil producers meeting in Abu Dhabi, United Arab Emirates, on Sunday signaled that they were considering once again changing course and cutting production. But the group, which included the Saudi oil minister, Khalid al-Falih, and his Russian counterpart, Alexander Novak, did not make any firm decisions.
Momentum seems to be growing among major oil producers to reduce output in an effort to end a slump in prices.
WTI crude futures jump as much as 1.3% in New York to $60.97 a barrel after sliding 4.7% last week for a fifth weekly decline, Brent added 1% to $70.88
: THE BUSINESS TIMES Energy & Commodities - [ABU DHABI] Major oil producers said Sunday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments.. Read more at The Business Times.