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Oil Plunges Most in 11 Months as Saudis Hint Taps Will Open Up

  • Easing production caps is likely in second half: Al-Falih
  • WTI drops by nearly 4 percent, heading for weekly loss
Bloomberg business news
Bloomberg’s Javier Blas reports on oil’s slide.(Source: Bloomberg)
Updated on

Oil prices fell the most in 11 months in New York 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 were down 4 percent, the biggest drop since July 5, after Saudi Arabia Energy Minister Khalid Al-Falih said the supply caps may be scaled back, though he added that no decision has been made. The $2.83 decline pushed the price below $70 at the close of trading for the first time since May 8.