Oil rises to $56 on saudi export cut

LONDON — Oil rose to around $56 a barrel on Tuesday, supported by Saudi Arabian export cuts in November and comments from Opec and trading companies that the market is rebalancing after years of oversupply. 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. Brent crude, the international price benchmark, was up 32 cents at $56.11 a barrel at 0950 GMT. US crude gained 29 cents to $49.87. The Opec, Russia and other non-member producers are cutting output by about 1.8 million barrels per day (bpd) until next March. —