Oil prices eased further below $135 a barrel on Monday as Saudi Arabia prepared to push production to its highest rate in decades to help keep pace with demand and tame what it sees as unacceptably high prices.
U.S. light, sweet crude for July delivery, which had dropped nearly $2 on Friday on a report suggesting a new increase in Saudi output next month, slipped 36 cents to $134.50 a barrel by 11:39 p.m. British time, a less than 0.3 percent decline.
At the weekend, United Nations chief Ban Ki-moon said the world’s biggest exporter was set to increase output to 9.7 million barrels per day in July, the first official indication of its second supply boost in as many months.
“9.7, that is what he (Saudi Oil Minister Ali al-Naimi) said” on July output, the Abu Dhabi-based The National newspaper quoted the UN Secretary General as saying after he met with Naimi… read this article
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