Oil rises as Saudi Arabia seeks to tackle oversupply

LONDON (Reuters) - Oil prices rose on Monday after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day next year.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 were up 52 cents at $70.70 a barrel by 1445 GMT, while U.S. crude futures rose 36 cents to $60.55.Saudi Energy Minister..