Oil climbs as Saudi Arabia warns of OPEC output cuts
Oil rose on Tuesday as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline.
Brent crude futures advanced 93 cents, or 1 per cent , to $97.41 a barrel by 0328 GMT, after a choppy session on Monday when they dropped by more than $4 before paring losses to trade near flat.
US West Texas Intermediate crude futures gained 90 cents, or 1 per cent , to $91.26 a barrel.
The benchmarks are down about 12 per cent and 8 per cent this month, respectively, amid fears about a global recession and fuel demand.
