Oil trades highest in 12 weeks following extra Saudi supply cut

Saudi Arabia's planned output reduction sends the price of oil to the highest level in months.

Photo: Hasan Jamali/AP/Ritzau Scanpix

Oil trades Monday morning for the highest level in almost 12 weeks after Saudi Arabia's surprise announcement Friday of cutting output past the level agreed with the other OPEC countries. The cartel had already come to an agreement Friday about slashing output by 500,000 barrels per day.

This comes on top of OPEC's prior announcement of reducing by 1.2 million bpd.

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