OilPhoto: AP
Saudi Arabia has announced that it will reduce the production of crude oil by half a million barrels a day by next month.
This is seen as a sign that OPEK could announce a co-ordinated cut in production at the next meeting in December in an attempt to maintain price.
Brent crude oil dropped by nearly two percent from the morning, $ 71.55 for barley, while crude oil in the US in New York by 1.3 percent, just over $ 61.
