Oil Falls on Prospect of Supply Boost, But Market's `Nervous'
- Trump asked Saudis to raise supply to up to 2 million b/d
- Investors worry increase could harm spare capacity, oil fields
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Crude declined after U.S. President Donald Trump put pressure on Saudi Arabia to ramp up oil output, with traders worrying about how it could affect spare capacity ahead.
Following last week’s rally, futures fell today in both London and New York after Trump tweeted over the weekend that Saudi King Salman bin Abdulaziz had agreed to boost production to the kingdom’s maximum capacity in a push designed to overcome supply losses from Canada to Libya.