Oil mixed on reports of increased Saudi output and escalating trade conflicts
However, production losses in Canada and Libya offer support; Opec supply increases keep pressure on prices as the ongoing trade dispute threatens overall growth
New York — Oil was mixed on Tuesday, pressured by reports of increased Saudi Arabia production and escalating trade conflicts, but receiving support from production losses in Canada and Libya. Brent crude lost 33c at $74.40 a barrel by 2.52pm GMT. US light crude gained 20c at $68.28. Prices, which had been positive earlier in the session, fell following a report from Bloomberg, citing anonymous sources, that Saudi production would reach a record 10.8-million barrels per day (bpd) in July. "There was a headline out that the Saudis are producing at levels that are largely perceived to be above and beyond ... that has been the death blow in the past couple minutes," said Bob Yawger, director of energy futures at Mizuho in New York. "It’s definitely a big number, bigger than expected. But keep in mind that any big Saudi production numbers have to take into consideration that cooling demand in Saudi is going to max out in this month, next month, and the month after that." Meanwhile, East...
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