Oil up on Saudi support, China; poll shows less OPEC output

An oil worker walks past an oil installation operated by Venezuela’s state oil company PDVSA in Morichal in this July 28, 2011 file photo. REUTERS/Carlos Garcia Rawlins/Files

NEW YORK (Reuters) – Oil prices jumped 3 percent on Monday after China moved to boost its slowing economy and Saudi Arabia pledged to work with other crude producers to limit market volatility, developments that fed hopes the oil selloff would end.

A Reuters survey also indicated the Organization of Petroleum Exporting Countries pumped less crude this month than in January, boosting market sentiment.

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