Singapore — Oil prices fell by more than 1% on Monday as supplies from top exporter Saudi Arabia rose and as signs of an economic slowdown in Asia dented the outlook for demand. Brent crude oil futures were at $78.16 a barrel at 3.16am GMT, down $1.07, or 1.35%, from their last close. US West Texas Intermediate crude futures were down 94c, or 1.3%, at $73.21 a barrel, after rising more than 8% last week. US President Donald Trump wrote in a tweet on Saturday that Saudi Arabia’s King Salman bin Abdulaziz Al Saud had agreed to produce more oil. The White House later walked back on the president’s comments, saying the king said his country could raise oil production if needed. Saudi Arabia’s output is up by 700,000 barrels a day from May, a Reuters survey found on Friday, and close to its 10.72-million barrels a day record from November 2016, more than making up for disruptions elsewhere within oil cartel Opec. Voluntary supply cuts by Opec and some non-Opec suppliers like Russia have ...
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