Oil Falls on Report That Saudi Arabia Favors More Production Increases
0008 GMT — Oil edges lower in the early Asian session. There is a report 'indicating that Saudi Arabia is exerting considerable pressure for a more aggressive increase in oil supply by OPEC+,' XS.com's Antonio Di Giacomo says. The 'kingdom is actively seeking to regain market share, a goal that is driving its desire to accelerate production increases in the coming months,' says the financial markets analyst for LATAM. The country's strategy focuses on getting OPEC+ to boost production by at least 411,000 barrels per day in August and September, the analyst adds. Front-month WTI crude oil futures are down 0.3% at $62.65/bbl; front-month Brent crude oil futures are 0.1% lower at $64.79/bbl. (ronnie.harui@wsj.com)
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Attachment Asia-Pacific Paints & Coating Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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