* Saudi oil minister says output is higher than 10.7 million b/d
* Brent sinks $2.89 to $59.71, heads for seventh weekly loss
By Grant Smith
Oil slumped below $60 a barrel in London for the first time in a year after Saudi Arabia signaled its output may have reached a record high and growing U.S. stockpiles stoked concerns over a potential supply glut.
By Alex Longley
Summary of what’s shaping the oil market on Thursday: All eyes on U.S. inventories data due Thursday after API reported U.S. crude stockpiles rose by significantly more than analysts expect. OPEC, allies are said to consider cutting oil output by more than the 1m b/d Saudi Arabia proposed earlier this week.
* Saudi Arabia to reduce December sales, calls for wider cuts
* WTI rises as much as 1.8% after entering bear market last week
By Alex Longley and Tsuyoshi Inajima
Oil climbed after a record run of losses as Saudi Arabia said OPEC and its allies should rein in output, with the kingdom itself reducing shipments by about 500,000 barrels a day.
- OIL MKT DRIVERS: India Demand Grows; Trade Talks; Market Balance
- Oil Trades Near Three-Month High on Supply Curbs and Trade Talks
- Oil Climbs From Two-Week Low on Report of More Saudi Supply Cuts
- OPEC Seen Extending Output Cuts to Buoy Prices, Azerbaijan Says
- OIL MKT DRIVERS: Venezuela Latest; Russian Output; Rig Count