OIL PRICES BROKE AN 11-day drop Monday after Saudi Arabia’s energy minister announced that OPEC and its allies might cut production to stabilize prices.
Brent crude oil, the international benchmark for crude prices, bounced to nearly $71 per barrel as of Monday morning, reversing a slide that had brought prices to nearly $70 for the first time since August.
On Monday, Saudi Energy Minister Khalid al Falih said at an oil conference in Abu Dhabi that the market faced a potential oversupply in crude. [READ MORE]