The Traderszone Network

Published in TZ Latest News 12 June, 2015 by The TZ Newswire Staff

Oil slips as Saudis stand by to increase production

Oil prices slipped on Friday after the world’s top crude exporter Saudi Arabia said it was ready to raise output to new record highs, potentially adding to a global supply glut. The U.S. currency strengthened against the euro, also weighing on dollar-denominated oil, after the International Monetary Fund pulled out of stalled debt talks with Greece. Saudi Arabia said it was in talks with Indian buyers to supply additional crude, meaning the Middle Eastern exporter could top its record of 10.3 million barrels per day produced in May.