Saudi pledges cuts to stop crude prices falling

Oil prices stabilised after Saudi Aramco said it plans to make “the deepest customer allocation cuts in its history” in oil supplies in November to help reduce global inventories and balance the market.

Brent crude, the global benchmark, erased earlier declines to trade marginally higher at $55.62 a barrel in London trade after the news of the Saudi oil allocations cuts.

US West Texas Intermediate crude futures were trading at $49.53, up 24c. WTI’s losses last week came to 4.6%.