Brent rebounds from 7-month low on Saudi production cut

International benchmark Brent prices maintained their gains in American trade on track for the first profit in three days away from seven-month lows, as Saudi Arabia announced a decision to cut output in December. 

As of 13:15 GMT, Brent rose to $71.15 a barrel, with an intraday high at $71.86, and a low at $70.50, and after closing Friday at $69.62. 

Brent lost 1.9% on Friday, the second loss in a row, marking a seven-month nadir at $69.13. 

Oil lost 4.8% last week, the fifth weekly loss in a row, and the longest such streak of weekly losses since May 2017.

Saudi Arabia oil minister Khalid Al Falih said Sunday that his country plans to cut crude supplies for global markets by 500 thousand bpd in December due to lower seasonal demand. 

OPEC's largest crude producer is facing uncertainties when it comes to convincing other producers on cutting production in coordination, with OPEC sources indicating discussions have been made on 2019 supplies without divulging details so far.