Oil Drops From Three-Week High on Speculation of Supply
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Oil dropped the most in more than three months in New York as Saudi Arabia, the world’s biggest crude-exporting country, said it can boost output immediately to stave off shortages.
Futures fell 2.3 percent after Oil Minister Ali al-Naimi said in Doha, Qatar, that the kingdom has increased production and can pump 25 percent more crude if needed. A U.S. government report tomorrow will show stockpiles rose for a fifth week, according to a Bloomberg News survey.