Pumpjack is seen at the Sinopec-operated Shengli oil field in

Oil prices rise as Saudi output cuts outweigh weak demand signals

Pumpjack is seen at the Sinopec-operated Shengli oil field in Dongying, Shandong

FILE PHOTO: A pumpjack is seen at the Sinopec-operated Shengli oil field in Dongying, Shandong province, China January 12, 2017. REUTERS/Chen Aizhu