Oil prices rise by 1 percent after Saudi Arabia announces December supply cut

International benchmark Brent crude oil futures were at $71.11 per barrel at 0051 GMT, up 93 cents, or 1.3 percent from their last close and U.S. West Texas Intermediate (WTI) crude oil futures were at $60.73 per barrel, up 54 cents, or 0.9 percent from their last settlement.

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.

Saudi Arabia, Russia discussing possible oil-production cuts

Momentum seems to be growing among major oil producers to reduce output in an effort to end a slump in prices.

Major oil producers foresee oversupply, edge closer to production cuts

Oil prices have shed fifth of their value in one month since surging to four-year high in early October

Saudi Arabia to Cut Oil Exports Amid Signs of New Surplus

Oil producers see oversupply, call for new strategies

Major oil producers said Sunday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments. Khalid al-Falih, Energy Minister of the world's top supplier Saudi Arabia, said the kingdom would cut its production by 500,000 barrels per day. Russia,