Oil Tumbles the Most in Four Weeks on Saudi Output, Economy

Crude oil tumbled the most in four weeks after the al-Hayat newspaper reported Saudi Arabia will raise oil production to 10 million barrels a day next month, and on concern the global economic recovery is slowing.

Oil declined as much as 3.1 percent as London-based al- Hayat cited unidentified senior OPEC and industry officials as the sources of the Saudi output plan. China reported a smaller- than-estimated trade surplus today. India’s industrial output growth eased in April and U.K. manufacturing dropped.

“The expressed intent of the Saudis has been to make up for the missing Libyan barrels and to cap oil prices,” said Adam Sieminski, chief energy economist at Deutsche Bank in Washington. “In addition to the Saudi news, most economic indicators have been looking terrible.”

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- Posted: 2011-06-10 13:08:40

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