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Oil sheds 3% as traders eye supply increases from Saudi Arabia





Saudi oil minister

  • Oil prices fell more than 3% on Monday.
  • Saudi Arabia looks poised to shoot for record output.
  • Analysts say Russia could also raise production more than previously expected.
  • Watch oil trade in real time here.

Crude oil fell more than 3% on Monday after reports that Saudi Arabia is offering extra cargo, raising expectations for the world’s largest oil exporter to work toward record production in the coming months.

West Texas Intermediate crude, the US benchmark, fell 3.4% to $68.20 a barrel. Brent, the international benchmark, shed 2.2% to $73.22.

Saudi Arabia offered extra crude volumes beyond contractual supplies to read more >>>

Source:: BusinessInsider.Com

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