Brent oil rose towards $58 a barrel on Tuesday after top exporter Saudi Arabia said it was determined to end a supply glut, while prices also drew support from forecasts of a further drop in U.S. crude inventories. The Saudi energy minister said the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends. Sponsored The oil market has been concerned that, once the supply deal expires, producers will ramp up shipments again and cause prices to fall. “When we get closer to that (five-year average) we will decide how we smoothly exit the current arrangement, maybe go to a different […]