Oil Rises As Russia Indicates Open To Cuts With OPEC

Oil reversed course and rose as much as 2 percent on Thursday, after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting next week.

Prices in November were down nearly 22 percent so far, set for the biggest monthly fall since the depths of the financial crisis in 2008.

A steady rise in crude supply from the United States, now the world's top producer, has pressured prices along with Saudi Arabia's insistence that it will not cut output on its own to stabilise the market. Brent crude slid early to another 2018 low below $58 a barrel.

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