Bloomberg Oil plunges as Saudis vow to produce as much as they can
Samuel Robinson
4 hrs ago Oil fell to the lowest level since August after Saudi Arabia pledged to meet any supply shortfall that materializes from Iranian sanctions and as tumbling equities weakened sentiment.
International benchmark Brent crude fell by $3.70 a barrel, down 4.6 percent, to $76.13. The contract earlier touched $75.88, its lowest level since Sept. 7.
U.S. light crude ended $2.93, or 4.2 percent, to $66.43 a barrel, after earlier hitting a two-month low at $65.74. The contract posted its biggest daily loss since July 11, when it fell 5 percent.
Saudi Arabia, the world’s biggest oil exporter, has boosted production to 10.7 million barrels a day and is nearing an all-time high. Saudi Energy Minister Khalid Al-Falih said OPEC and its allies are in “produce as much as you can mode."
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http://www.msn.com/en-us/money/markets/oil-plunges-as-saudis-vow-to-produce-as-much-as-they-can/ar-BBOLpQd?ocid=ientp
