Oil Falls Below $75 in London After Saudis Pledge to Boost Supply - Bloomberg

Oil Falls Below $75 in London After Saudis Pledge to Boost Supply - Bloomberg:

Crude fell after Saudi Arabia and Russia signaled an impending production increase by OPEC and allied nations will be larger than some estimated. Futures slid 1.1 percent in London on Monday. Oil chiefs from the world’s top two crude exporters indicated that last week’s 24-nation accord will add 1 million barrels to daily supplies, more than the 700,000-barrel figure cited by several cartel members. Meanwhile, U.S. crude futures for prompt delivery fell less than other contracts amid concern supplies may tighten at a key American storage complex in Oklahoma. “It’s really just the OPEC volumes coming to market pressuring” prices, said Michael Loewen, a commodities strategist at Scotiabank in Toronto.