London — Oil rose to about $56 a barrel on Tuesday, supported by Saudi Arabian export cuts in November and comments from oil cartel Opec and trading companies that the market is re-balancing after years of over-supply. Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an Opec-led supply reduction pact. In the US, some production remains offline following Hurricane Nate, lending additional support. "Prices have been boosted by news that Saudi Arabia is planning to reduce its oil shipments to customers in November," said Carsten Fritsch, analyst at Commerzbank in Frankfurt. Brent crude, the international price benchmark, was up 32c at $56.11 a barrel at 9.50am GMT. US crude gained 29c to $49.87. Opec, Russia and other non-member producers are cutting output by about 1.8-million barrels per day (bpd) until next March to get rid of a price-sapping supply glut. Opec is increasingly confident that the market is re-balancing fast, he...
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