Other analysts, however, said that the output cut was likely due to lower Saudi expectations of global demand for crude, making the move bearish for oil prices.
Brent crude, used to price international varieties of oil, was down $1.36 to $110.53 per barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline fell 4.22 cents to $2.7511 a gallon.
— Heating oil was down 2.92 cents to $3.0251 a gallon.
— Natural gas rose 6.1 cents to $3.254 per 1,000 cubic feet.
Pamela Sampson in Bangkok contributed to this report.
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