Oil Tumbles the Most in Four Weeks on Saudi Output, Economy
This article is for subscribers only.
Crude oil tumbled the most in four weeks after the al-Hayat newspaper reported Saudi Arabia will raise oil production to 10 million barrels a day next month, and on concern the global economic recovery is slowing.
Oil declined 2.6 percent as London-based al-Hayat cited unidentified senior OPEC and industry officials as the sources of the Saudi output plan. China reported a smaller-than-estimated trade surplus today. India’s industrial output growth eased in April and U.K. manufacturing dropped.