Reply #4: Oil above $63 on Saudi supply cut [View All]

[ozymandius]

LONDON (Reuters) – Oil rose more than 3 percent on Monday, fueled by Saudi Arabia's plans to cut December supplies to Asia and hopes that global economies' plans to lift growth could avert recession.

Saudi Arabia, the world's top oil exporter, has told refiners in Asia it would cut December supplies by 5 percent, providing the most visible evidence yet that it is adhering to OPEC's agreement last month to reduce output.

....

The drop in prices from July's record high of $147.27 has already spurred OPEC to rein in supply from November 1, and some members of the group are talking of reducing production further.

http://news.yahoo.com/s/nm/20081110/bs_nm/us_markets_oil_2