Oil prices rise by more than 1 percent after Saudis announce December supply cut

SINGAPORE (Reuters) - Oil prices rose by more than one percent on Monday after top exporter Saudi Arabia announced a December supply cut, a measure likely aimed at halting a market slump that has seen crude decline by 20 percent since early October. Front-month Brent crude futures , a benchmark for global oil prices, were at $71.37 per barrel at 0531 GMT, up $1.19, or 1.7 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $60.87 per barrel, up 68 cents, or..