OPEC and allied suppliers are under mounting pressure to consider renewed cuts after a slump in oil prices.

Oil prices rise by 1 percent after Saudi Arabia announces December supply cut

International benchmark Brent crude oil futures were at $71.11 per barrel at 0051 GMT, up 93 cents, or 1.3 percent from their last close and U.S. West Texas Intermediate (WTI) crude oil futures were at $60.73 per barrel, up 54 cents, or 0.9 percent from their last settlement.

ENERGY To prop up oil prices, producers begin to weigh cuts Major oil producers meeting in Abu Dhabi, United Arab Emirates, on Sunday signaled that they were considering once again changing course and cutting production. But the group, which included the Saudi oil minister, Khalid al-Falih, and his Russian counterpart, Alexander Novak, did not make any firm decisions.

Saudi Arabia, Russia discussing possible oil-production cuts

Momentum seems to be growing among major oil producers to reduce output in an effort to end a slump in prices.

Saudi Arabia to cut exports with new signs of oil surplus

Saudi Arabia signaled it will reduce oil exports by as much as half a million barrels a day in December, the first tangible sign that OPEC is starting to trim output as it faces an oversupplied market in 2019.

Major oil producers foresee oversupply, edge closer to production cuts

Oil prices have shed fifth of their value in one month since surging to four-year high in early October