Business Insider: Oil tumbles after Saudi Arabia says it increased production
Oil has tumbled after Saudi Arabia says it increased production.
West Texas Intermediate crude, the US benchmark, was down by 2.% at $47.43 a barrel as of 10:59 a.m. ET. That is its lowest level since late November.
Brent crude oil, the international benchmark, was down by 1.7% at $50.48 a barrel as of 10:02 a.m. ET. That too was a low since late November.
Oil's tumble follows the release of a monthly report by OPEC showing that Saudi Arabia increased production in February back above the level of 10 million barrels a day (to 10.011 million), according to figures submitted by the kingdom. We first spotted this via a tweet from Bloomberg's Javier Blas.
Read more ....
Update #1: Saudi Arabia Says It Has Reversed a Third of Its Production Cuts (Bloomberg)
Update #2: Saudi Arabia Revives Price War Specter to Stop Oil Cheats (Fortune)
WNU Editor: Oil prices are going to go down even further because of two reasons. First reason .... Iran and Iraq are making it harder for Saudi Arabia to prop up oil prices (Market insider). Second reason .... U.S. shale producers .... Saudi Arabia’s War On Shale Never Ended (OilPrice.com).