Oil Tumbles to One-Month Low as Libyan Crude Production Rebounds
- Libya oil output at highest since December 2014: NOC Chairman
- Saudi Arabia cuts June oil prices to Asia, boosting fuel sales
Oil Slides as U.S. Drilling Rises
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Oil closed at the lowest in more than a month as Libyan output surged, more rigs were added in the U.S. and Saudi Arabia cut prices to Asian customers.
Futures dropped 1 percent in New York. Libya is pumping oil at the highest rate since December 2014, Mustafa Sanalla, chairman of the National Oil Corp., said. American drillers increased the number of active oil rigs to the highest level in two years last week, according to Baker Hughes Inc. Saudi Arabia, the world’s largest crude exporter, cut pricing for June exports to Asia as it fights to maintain market share in the region.