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Reuters
Oil climbs as Saudi Arabia warns of OPEC output cuts
(Reuters) -Oil rose on Tuesday as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline. Brent crude gained 42 cents, or 0.4%, to $96.90 a barrel by 0630 GMT, after a choppy session on Monday when they dropped by more than $4 before paring losses to trade near flat. The Organization of the Petroleum Exporting Countries stands ready to reduce production to correct the recent oil price fall driven by poor futures market liquidity and macro-economic fears, which has ignored extremely tight physical crude supply, OPEC’s leader Saudi Arabia said on Monday.
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