Crude oil futures surged on Tuesday after Saudi Arabia vowed to reduce monthly crude exports amid expectations that market re-balancing is underway. Saudi Arabia pledged to cut its November crude oil exports by 7% or 560,000 barrels a day, compared with the same period last year in order to strengthen the market re-balancing process. OPEC Secretary General Barkindo said that 'We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle'.

Benchmark crude oil futures for November delivery ended higher by $1.34 or 2.7 percent at $50.92 a barrel on the New York Mercantile Exchange. Brent crude for November delivery gained 1.68 percent to $56.48 a barrel on the ICE.

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