Saudi Arabia has mixed the market, a jump in oil prices

Oil - Photo: AP

OilPhoto: AP

Saudi Arabia has announced that it will cut oil production by half a million barrels a day from next month.

This is seen as a sign that the OPEK could announce a coordinated reduction in production at its next meeting in December, in an effort to keep prices down.

Brent oil rose this morning by nearly two percent to $ 71.55 a barrel, while US light oil in New York jumped 1.3 percent to just over $ 61.

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