Oil Falls Below $75 in London After Saudis Pledge to Boost Supply
- OPEC+ accord indicates 1 million-barrel daily supply boost
- Accord weighs on global benchmark, squeezing Brent’s premium
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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.