Economics
Oil Drops on Saudi Pledge to Meet Any Supply Shortage
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Oil fell as Saudi Arabian Oil Minister Ali al-Naimi said the kingdom can make up for any shortage in global supply, easing concern that tensions with Iran may disrupt production.
Prices dropped as much as 0.6 percent after al-Naimi said oil markets are balanced and have ample production and refining capacity. He spoke in Kuwait at the biennial International Energy Forum. The Dollar Index, which tracks the U.S. currency against six counterparts, rose to an eight-week high after the Federal Reserve raised its economic assessment yesterday.