Crude oil falls below $60 per barrel on record Saudi output


Crude oil falls below $60 per barrel on record Saudi output

Oil prices fell on Tuesday, depressed by record Saudi Arabian production even as the kingdom tried to persuade other exporters to agree output cuts ahead of an OPEC meeting next week. Brent crude oil was down 70 cents a barrel at $59.78 by 0838 GMT, still above a 13-month low of $58.41 reached on Friday.

U.S. light crude was 75 cents lower at $50.88. Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month.

Oil prices have lost almost a third of their value since early October, weighed down by an emerging supply overhang and widespread financial market weakness. “The oil price correction has become a rout of historic proportions,” U.S. investment bank Jefferies said in a note on Tuesday. Read More

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