Oil prices rose above 58 dollars a barrel Thursday as Saudi Arab said OPEC will reduce production to prevent continuing decline in prices.

Crude for November settlement closed up 85 cents at 58.50 dollars a barrel on the New York Mercantile Exchange.

Brent North Sea crude for December delivery rose 1.29 dollars to 60.87 dollars a barrel.

Saudi Arab Oil Minster Ali al-Naimi said Thursday that members of OPEC will cut oil production by 1 million barrels per day and may make additional cut in December. But OPEC has not made its official decision.

Source: Xinhua