Brent rebounds from 4-month low on Saudi output cut

Brent widened its gains in American trade on track for the second profit in the last three days, amid recovery attempts from four-month lows hit yesterday, as Saudi Arabia's production decreases. 

As of 12:35 GMT, Brent rose to $73.50 a barrel, with an intraday high at $73.73, and a low at $72.74. 

Brent October futures shed 0.2% yesterday, the third loss in the last four days, marking four-month lows at $71.02. 

Oil prices fell 1.3% last week, the second weekly drop in a row on US-China trade concerns and on prospects of weaker global demand. 

OPEC reported a drop of 200 thousand bpd in Saudi Arabia's crude output in July to a total of 10.288 million bpd, as the organization's biggest producer moves to contain market oversupplies.