OIL futures fell for a second day running yesterday after Opec’s top producer Saudi Arabia hinted that it could boost production to ease soaring prices.
Brent crude has lost 4.25 per cent since Monday, settling yesterday at $112.03 a barrel.
A Gulf source said Saudi Arabia would like to see oil prices back at around $100 a barrel, and is ready to increase production in order to push values lower.
The White House said the US was watching oil markets and that all options remain on the table.
City A.M. Reporter