Oil rises after Saudi warns weaker demand may warrant 1 million bpd output cut

LONDON (Reuters) - Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day.Saudi Arabia, the world's largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.Brent crude futures rose 92 cents on the day to $71.10 a barrel by 0924 GMT, while U.S...