Oil prices gain over 1% after Saudi Arabia talks of cut in output

Brent crude futures rose 80 cents on the day to $70.98 a barrel by 5.35 pm , while US crude futures rose 36 cents to $60.69 a barrel.

Oil rose by more than 1 per cent on Monday, 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.
 
Saudi Arabia, the world's largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.
 
Brent crude futures rose 80 cents on the day to $70.98 a barrel by 5.35 pm , while US crude futures rose 36 cents to $60.69