Oil prices have tumbled to their lowest in six weeks amid expectations of extra supply from Saudi Arabia, with the world’s largest crude exporter looking to bring down prices that have jumped sharply on Middle East unease.
With western oil sanctions against Iran depleting supplies, Saudi Arabia has been taking steps to bring down prices, offering extra oil to its customers.
Gulf based oil official told the Financial Times that the oil price, which rose to a four-month high of $117.95 last week, was “too high” and that the kingdom “would like to see oil prices back to $100 a barrel”.
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