Oil falls on Saudi pressure to keep prices down
CNBC | 9.19.12
Brent crude oil futures fell to a six-week low on Wednesday, as the market digested comments from the world’s largest oil exporter Saudi Arabia that it would take action to keep prices in check, raising expectations of increased supply.
On Tuesday an OPEC Gulf source said Saudi Arabia was pumping around 10 million barrels per day (bpd) and working to keep oil prices down.
“People are thinking that maybe the Saudis are going to produce more, and some funds are taking the opportunity to liquidate positions,” said Christopher Bellew at Jefferies Bache.