Crude Oil Prices Climb as Saudi Arabia Backs OPEC Cut

rude oil futures closed over $58 a barrel on the New York Mercantile Exchange following an announcement by Saudi Arabian oil minister Ali al-Naimi that the OPEC cartel will reduce its oil output by 1 million barrels a day, Bloomberg reported.

Bloomberg quoted Al-Naimi as saying that OPEC member nations would decrease their oil output rather than lower production quotas.

Bloomberg also quoted Abdullah bin Hamad al-Attiyah, Qatar’s oil minister, as saying that a future production cut of 500,000 barrels a day may be possible in December, when the consortium will meet again.

Crude oil futures rose 85 cents to close at $58.50 on Thursday.