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6

Venezuela, Nigeria Cut Oil Output

Oil prices rose Monday in Asia after two key oil producing nations said they were cutting oil production...

Two key oil producing nations said they were cutting oil production.

On Friday, Venezuela said it will reduce oil output by 50,000 barrels a day to try and stem the recent fall in crude prices while Nigeria on Saturday said it is cutting oil exports by 5 percent in a move the state-owned oil company described as a routine seasonal reduction.

While the 11-member Organization of Petroleum Exporting Countries decided earlier this month to hold to a 28 million barrel a day output quota, many traders say the group would like to rein in production if crude-oil futures drop much lower than $60 a barrel.

Light, sweet crude for November delivery rose 29 cents to $63.20 a barrel in electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract rose 15 cents on Friday to settle at $62.91 a barrel.