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Brent Oil Rallies to $86.50 on Saudi Supply Cut

Oil prices rose Thursday on news Saudi Arabia cut its supply to the market in September, even though its overall production grew month on month, and on strong economic data from Europe and China.

Crude oil settled up $1.57 higher at $82.09 a barrel.  OPEC’s largest producer pumped 9.7 million barrels per day in September, up from around 9.6 million bpd in August, an industry source said Thursday.

But the amount of crude the kingdom supplied to domestic and export markets fell to 9.36 million barrels, down from around 9.69 million barrels in August. Barrels not supplied to the markets are put into storage.

CNBC [1]

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