Oil up on Saudi commitment to cut; U.S. output seen rising

By Ethan Lou CALGARY, Alberta (Reuters) - Oil prices were up on Monday, buoyed by Saudi commitments to reducing production, even as U.S. output is expected to increase again this year. The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production by 1.2 million barrels per day (bpd) to 32.5 million bpd from Jan. 1 in an attempt to clear a global oversupply that has depressed prices for more than two years. Russia and other key exporters outside OPEC have said they wil