Jul
15
Oil Falls as Saudis Are Said to Offer Extra Crude to Some Buyers
By-
Top OPEC producer offers Arab Extra Light to 2 Asian customers
- WTI slides as much as 0.8%, after 3.8% decrease last week
Oil retreated below $71 a barrel as Saudi Arabia was said to offer extra crude supplies to some customers following a plan to boost output, while the U.S. considers tapping into its emergency stockpiles to rein in prices.
Futures in New York slid as much as 0.8 percent, after falling 3.8 percent last week. Saudi Arabia offered additional cargoes of its Arab Extra Light crude to at least two buyers in Asia for August, people with knowledge of the matter said, after supplying full contractual volumes to customers in the region. Meanwhile, the U.S. government is said to be mulling the release of oil from the nation’s 660-million-barrel Strategic Petroleum Reserve…
Oil Falls as Saudis Are Said to Offer Extra Crude to Some Buyers
