Oil prices advance as Saudi to cut output in the face of global oversupplies

Oil prices advance as Saudi to cut output in the face of global oversupplies
Oil prices advance as Saudi to cut output in the face of global oversupplies

 Oil prices advanced Monday after crude kingpin Saudi Arabia unveiled plans to cut output in the face of global oversupplies, and pressed other producers to follow suit.

Higher crude prices failed to lift the market overall in London however, with the FTSE 100 index lower in afternoon trading.

Tobacco stocks were among those that slumped, with British American Tobacco shedding 9.56 percent to £29.93 and Imperial Tobacco losing 3.0 percent on reports of a planned US ban on menthol cigarettes, which are seen as posing a greater health risk than traditional ones.

In the eurozone, the Frankfurt and Paris stock markets dropped as well, weighed down in part by lingering concerns over Italy´s high debt and ahead of Tuesday´s EU deadline for Rome to revise its 2019 budget.