Oil rises on Saudi offer to cut output as OPEC talks loom

By Sabina Zawadzki LONDON (Reuters) - Oil prices jumped on Friday after sources told Reuters Saudi Arabia could reduce its crude production should regional foe Iran cap its own output this year. The Saudi offer, ahead of next week's meeting of OPEC ministers trying to staunch oil price losses, has yet to be accepted by Tehran, three sources familiar with the discussions told Reuters. Brent crude oil and U.S. West Texas Intermediate (WTI) futures turned positive immediately after the news, with t