oilPhoto: AP
Saudi Arabia has announced that it will reduce crude oil production by half a million barrels per day from next month.
This is seen as a sign that OPEK could announce a coordinated decline in production at the next meeting in December, to defend prices.
Brent crude oil jumped almost two percent to $ 71.55 a barrel this morning, while American light oil in New York jumped 1.3 percent to just over $ 61.
