Crude oil futures pop higher as Saudi Arabia vows to cut production

crude oil sprayUlet Ifansasti/Getty

  • Crude oil futures have spiked in early trade on Monday, finding support on reports that Saudi Arabia will cut production levels in December.
  • Both WTI and Brent futures are up 0.75%, having jumped more than 1% in initial trade.
  • RBC Capital Markets says the likelihood of an official production cut at OPEC’s December 6 meeting has increased. However, it warns this could see some push-back from US president Donald Trump.

Crude oil futures spiked in early trade on Monday, following reports that Saudi Arabia will cut production levels in December.

The move is likely designed to stop the slide in crude prices, which had recently fallen over 20% from early October, leaving them in a technical bear market.

See the rest of the story at Business Insider

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