(Bloomberg) -- Oil dropped below $60 a barrel in London Friday after Saudi Arabia's energy minister signaled the kingdom's output may have reach a record, while America's growing inventories are stoking concerns about a supply glut. Brent crude futures fell as much as 5.3 percent on an intraday basis, and were set for a seventh weekly decline, after Khalid Al-Falih on Thursday said his country is producing in excess of 10.7 million barrels a day. Meanwhile, West Texas Intermediate was down as much as 7.4 percent from Wednesday's settlement to $50.60.
To contact the reporter on this story: Nancy Moran in New York at nmoran@bloomberg.net
To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net;Sophie Caronello at scaronello@bloomberg.net
©2018 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
