2019.10.0105:51:00UTC+00Oil Prices Rebound On Lower Output From OPEC

Oil prices rose over 1 percent on Tuesday after a Reuters survey found that OPEC's output has fallen to the lowest in eight years in September at 28.9 million bpd, down 750,000 bpd from August's revised figure.

Output at the world's two largest producers, the United States and Russia, also fell in July and September, respectively.

Russia's output declined to 11.24 million bpd in Sept. 1-29 from 11.29 million bpd in the previous month, the report said citing sources.

U.S. crude oil output fell 276,000 barrels per day (bpd) in July to 11.81 million bpd, its third monthly decline from its record high in April at 12.12 million bpd, according to a US Energy Information Administration monthly report released on Monday.

On Monday, crude oil prices tumbled and November futures contract settled at their lowest level in nearly a month amid lingering worries about trade and rising concerns about falling energy demand.

West Texas Intermediate Crude oil futures for November ended down more than 3 percent while Brent crude futures shed almost 2 percent.