Oil prices fell sharply this evening on news that Saudi Arabia is offering more oil to Asian customers, with additional pressure from a stronger dollar and weak stock markets.
Reuters quoted sources as saying that Saudi Arabia was offering more crude to Asian refiners for July. This is seen as evidence that the kingdom is taking steps to unilaterally raise supplies after OPEC's meeting this week did not produce an agreement to raise output targets.
Saudi Arabia also intends to boost production in July to 10 million barrels per day, according to al-Hayat newspaper.
The dollar strengthened as the euro fell across the board, making oil more expensive for holders of other currencies. Stock markets also fell due to concerns about the world economy.
Brent crude fell $1.30 to $118.27 a barrel, while US crude dropped $2.53 to $99.40.
