Crude prices rise on Saudi Arabia's oil supply cut

Crude prices rebounded Thursday as Saudi Arabia was said to reduce its crude oil supply to the market in September.

The oil market bounced back strongly on the news that Saudi Arabia, the world's biggest crude exporter, supplied 9.36 million barrels a day in September, down 328,000 from the previous month, Bloomberg reported Thursday.

Oil prices were further supported Thursday by upbeat economic data ranging from manufacturing sectors of China and Germany to U. S. job market.

The HSBC/Markit flash China manufacturing purchasing managers' index (PMI) posted at 50.4 this month, up from September's final reading of 50.2, data company Markit said Thursday.

In a separate statement by Markit on Thursday, flash Germany manufacturing PMI was reported to rise to 51.8 in October from 49. 9 in September, the fastest expansion in three months.

U.S. Labor Department said Thursday that in the week ending Oct. 18, the advance figure for seasonally adjusted initial claims for jobless benefits rose by 17,000 to 283,000, which was still near historically low levels with an increase below market consensus.

Light, sweet crude for December moved up 1.57 U.S. dollars to settle at 82.09 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose 2.12 U.S. dollars to close at 86.83 dollars a barrel.