Web
Analytics
The news is by your side.

export cut

Oil rises above $56 on Saudi export cut

LONDON: Oil rose to above $56 a barrel on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply. Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an OPEC-led supply reduction pact. In the United States, some production remains offline following Hurricane Nate, lending additional support. “Prices have been boosted by news that Saudi Arabia is planning to…