LONDON: Oil prices fell on Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid an escalating trade dispute with the United States. Benchmark Brent crude oil fell $1.24 a barrel to a low of $77.99 before recovering to $78.40, down 83 cents, by 0735 GMT. US light crude was 50 cents lower at $73.65. Oil prices rose strongly last week, with the US crude contract hitting its highest in 3-1/2 years at $74.46. But a flurry of US announcements over the weekend unsettled oil markets.
US President Donald Trump tweeted on Saturday that Saudi Arabia’s King Salman bin Abdulaziz al Saud had agreed to pump more oil, “maybe up to 2,000,000 barrels”. The White House later walked back on the comments. Saudi Arabia’s output is up by 700,000 barrels per day (bpd) from May, a survey showed, and close to its 10.72 million bpd record from November 2016. Russian output rose to 11.06 million bpd in June from 10.97 million bpd in May, the Energy Ministry said on Monday. — Reuters
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