Oil prices rose, on Tuesday, following Saudi Arabia warned that the Organization of the Petroleum Exporting Countries (OPEC) may cut production to correct the recent decline in oil futures.
Brent crude futures rose 32 cents to $96.80 a barrel by 0400 GMT, following a volatile session on Monday when it fell more than four dollars before paring losses to near stability.
US West Texas Intermediate crude futures also rose 37 cents to $ 90.73 a barrel, while Brent fell 12 percent and US crude fell 8 percent this month.
Saudi Arabia, the leader of OPEC, said on Monday that the organization stands ready to cut production to correct the recent drop in oil prices, which is due to weak futures market liquidity and macroeconomic concerns.
The official Saudi Press Agency quoted Saudi Energy Minister Prince Abdulaziz bin Salman as telling Bloomberg that OPEC + has the means and flexibility to deal with challenges.
