Oil: could find support on OPEC news

Oil could be supported with news that Saudi Arabia could be finally in a position to work with other producer nations in respect of the output and glut by putting a floor under oil prices.

Global inventories of crude have begun to draw down in the third quarter, contributing to a flattening of oil's cost curve. However, Baker Hughes data recently showed the number of rigs operating in the U.S. actually rose by 15 last week to 396.