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Reuters
Oil jumps 11 percent on Saudi supply cuts
Tuesday November 4, 12:45 pm ET

By Edward McAllister

NEW YORK (Reuters) – Oil jumped more than 11 percent on Tuesday on signs Saudi Arabia had made substantial cuts in crude supplies and as global financial markets rallied.

Saudi Arabia, the world’s biggest oil exporter, has reduced exports by around 900,000 barrels per day from a peak in August, one source estimated.

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U.S. crude rose $7.43 at $71.34 a barrel by 12:24 p.m. EST. London Brent crude was up $7.16 at $67.64 a barrel.

“The petroleum markets have rebounded from lower overnight levels on a trio of supportive factors: a weaker U.S. dollar, a push to the upside in global equity markets and market talk that Saudi Arabia may have already cut crude oil production,” Tim Evans, analyst at Citi Futures Perspective, said in a research note.

U.S. stocks climbed further on Tuesday as the presidential election got under way, while investors picked up shares trading around five-year lows amid further signs of easing in global credit markets.

Saudi Arabia’s supply cut helped remove doubts about whether the world’s top exporter would comply quickly with a 1.5 million barrel per day output cut agreed by the Organization of the Petroleum Exporting Countries in Vienna last month.

Other OPEC members also have cut back.

The United Arab Emirates has reduced its production to around 2.3 million barrels per day (bpd) from around 2.5 million bpd, a top state oil company official said on Tuesday.

Algeria was reducing oil output by 71,000 bpd in line with OPEC’s supply cut decision, the Algerian official news agency APS said on Tuesday, quoting the country’s Energy and Mining Ministry.

Qatar has cut exports to Asia by about 40,000 barrels per day (bpd) from this month, Energy Minister Abdullah al-Attiyah told Reuters.

Crude oil has plummeted from a record above $147 a barrel in July as the global credit crisis has hit the wider economy, dampening fuel consumption in major consumer nations including the United States, the world’s top oil consumer.

A poll of analysts ahead of U.S. weekly government inventory data forecast U.S. crude oil stocks rose by 1.1 million barrels last week. The analysts predicted a 1.3 million-barrel build in distillate inventories and a 1 million barrel drawdown in gasoline stocks.

(Additional reporting by Jane Merriman and Joe Brock in London; Editing by David Gregorio)