Oil prices rose by more than one percent on Monday after top exporter Saudi Arabia announced a December supply cut, a measure likely aimed at halting a market slump that has seen crude decline by 20 percent since early October. Front-month Brent crude futures, a benchmark for global oil prices, were at $71.37 per barrel at 0531 GMT, up $1.19, or 1.7 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at $60.87 per barrel, up 68 cents, or 1.1 percent. Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day (bpd) in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in getting other producers to agree to a coordinated output cut. Khalid Al-Falih told reporters that Saudi Aramco’s customer nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 percent. Saudi Arabia is the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC). Peter Kiernan, lead energy analyst at the Economist Intelligence Unit in Singapore, said OPEC was “focused on mitigating downside risks” after crude prices declined by around 20 percent over a month following a supply surge, particularly from the top three producers the United States, Russia and Saudi Arabia. Published in Daily Times, November 13th 2018.