Crude oil futures bounced back and ended higher on Thursday despite a report tempering expectation for further supply cuts from OPEC. Traders got some support with the ongoing unrest in the Middle East, while Saudi Arabia’s plan to slash crude exports too lifted sentiment. It was reported that Saudi Arabia plans to cut its crude exports by 120,000 barrels per day in December compared with November, slashing allocations to all regions. In recent days oil has jumped to the highest in two years on speculation the global oil market will re-balance in the near future.

Benchmark crude oil futures for December delivery ended higher by $0.36 at $ 57.17 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was up by $0.47 to $63.96 a barrel on the ICE.

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