Crude oil rose after Saudi Arabia's state oil company informed customers in Asia it will cut exports for a second month in December. State-owned Saudi Aram Co is reducing exports after The Organization of Petroleum Exporting Countries (OPEC) in October agreed to cut output by 1.2 million barrels a day to stem a slide in prices from July's record of $78.40 a barrel. Saudi Arabia, the biggest oil producer in OPEC, sells at least 50 percent of its crude to Asia.
“OPEC is serious about balancing the market by cutting production,” Anthony, assistant general manager of international petroleum business at Mitsubishi Corp., “The Saudi cut reinforces OPEC's decision.” Oil had its biggest decline this month on Nov. 10, falling $1.57, or 2.6%, to $59.59 a barrel after the International Energy Agency cut its global oil demand forecast for a third time.
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