Oil prices extended gains on Tuesday, with U.S. crude posting best daily gain in two weeks, after Saudi Arabia said it would cut oil exports in November.

Media reported Saudi Arabia would cut its November crude oil allocations to customers by 560,000 barrels a day, according to Andrew Lipow, president of Lipow Oil Associates.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and several other producers have cut production by about 1.8 million barrels per day since the start of 2017.

Lipow said the potential impact of maintenance season on demand for Saudi supplies, but said any drop in exports from OPEC's biggest producer is bullish to the extent it takes oil off the market.

The West Texas Intermediate for November delivery increased 1.34 U.S. dollars to settle at 50.92 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose 0.82 dollar to close at 56.61 dollars a barrel on the London ICE Futures Exchange.