Oil Drops Amid Signs of Mounting Supply From Arabia to U.S.
- Saudis begin offering extra crude volumes to some Asian buyers
- Measure of market volatility touches highest since last August
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After touching a 40-month high just two weeks ago, oil has fallen by more than 10 percent as global trade anxiety combined with a Saudi offer of added crude for Asia to boost market volatility.
Futures in New York fell 4.2 percent on Monday following last Wednesday’s 5 percent tumble, results that together ramped up a measure of volatility to its highest in about a year.