Oil tumbles below US$70 as Saudi Arabia sees oil supply increase [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
Oil tumbles below US$70 as Saudi Arabia sees oil supply increase Oil prices fell below US$70 a barrel in New York for the first time in more than two weeks as Saudi Arabia said it expects OPEC and its partners to boost supplies later this year, easing restraints intact since early 2017. U.S. futures fell by nearly 4 per cent, heading toward the first weekly drop this month. The price decline on Friday also comes ahead of the U.S. Memorial Day holiday weekend, when high gasoline prices will be at issue. Supply caps may be scaled back later this year, though no decision has been made, Saudi Arabian Energy Minister Khalid Al-Falih said in St. Petersburg in comments echoed by his Russia counterpart, Alexander Novak. The two producers plan to meet at least twice more before an OPEC gathering in Vienna next month, the Saudi minister added. “We’re starting to see growing concerns that producers could cut back on their output cuts,” said Gene McGillian, market research manager at Tradition En
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