West Texas Intermediate crude fell for a third day, the longest run of declines in four weeks, as OPEC boosted output to the highest level in five months.
West Texas Intermediate crude fell for a second day as the dollar climbed, reducing the appeal of raw materials priced in the U.S. currency.
Saudi Arabia, the world’s biggest crude exporter, welcomes additional supplies from other producers that may help to stabilize prices, Oil Minister Ali Al-Naimi said.
OPEC boosted crude output in April to the highest in five months as Saudi Arabia increased production, helping lower oil prices amid concern that global economic growth is slowing.
Saudi Arabia raised crude output in April to the highest in five months while making little change in the total amount it supplied to foreign and local markets, a person with knowledge of the country’s production said.
Brent crude fell for a second day after OPEC’s production increased to a five-month high and an industry group said U.S. stockpiles climbed for the first time in three weeks.
Saudi Arabia plans to raise production capacity to 15 million barrels a day by 2020 from 12.5 million barrels a day now, a Saudi prince said, reviving talk of a higher internal target.
West Texas Intermediate crude fell, capping a monthly drop, before a report that may show that U.S. supplies climbed to a 22-year high. WTI’s discount to Brent oil narrowed to less than $9 a barrel.
West Texas Intermediate fell, heading for a monthly decline before a report that may show U.S. crude inventories at a two-decade peak.
Oil at $100 a barrel is a “reasonable” price that won’t choke global economic growth, Saudi Arabia’s Oil Minister Ali Al-Naimi said.