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Oil prices fall after Saudis say could raise output to meet demand

Published 12/06/2015, 01:50
Updated 12/06/2015, 01:54
© Reuters. Plants are pictured near an oil pump, owned by oil company Rosneft, in Krasnodar region
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SINGAPORE (Reuters) - Oil futures dipped on Thursday, with U.S. crude retreating further from a one-month peak of almost $62 a barrel earlier this week, after Saudi Arabia said it was ready to raise output further to meet strong demand.

U.S. crude prices hit a high of $61.82 (40 pounds) a barrel earlier this week, their strongest since May 6, as firm demand and a stock drawdown lifted the market.

But the rally was halted by a dimming global economic outlook as well as top crude exporter Saudi Arabia saying it was ready to increase its oil output in the coming months to a new record to meet a rise in global demand.

Front month U.S. crude had fallen 25 cents to $60.52 a barrel by 0035 GMT (1:35 a.m.).

© Reuters. Plants are pictured near an oil pump, owned by oil company Rosneft, in Krasnodar region

Brent futures were down 29 cents at $64.82 a barrel.

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