Oil Falls Near $60 as Market Fears OPEC+ Output Cuts Not Enough

* Saudi minister says curbs of 1 million barrels a day adequate
* Global benchmark and WTI dropped by 5 percent after comments

By Alex Longley

(Bloomberg) —

Oil in London fell to near $60 a barrel as the market appeared to disagree with Saudi Arabia’s energy minister, who said output cuts of 1 million barrels a day from OPEC and its allies were adequate to balance the market.

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OIL BRIEF: Crude Heads for Biggest Monthly Drop Since 2008

By Christopher Sell

(Bloomberg) —

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* Saudi oil minister says output is higher than 10.7 million b/d
* Brent sinks $2.89 to $59.71, heads for seventh weekly loss

By Grant Smith

(Bloomberg) —

Oil slumped below $60 a barrel in London for the first time in a year after Saudi Arabia signaled its output may have reached a record high and growing U.S. stockpiles stoked concerns over a potential supply glut.

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By Christopher Sell

(Bloomberg) —

Oil rose, paring a sixth weekly loss, amid growing confidence that OPEC and its partners will reduce production to avert a glut next year;

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By Alex Longley

(Bloomberg) —

Summary of what’s shaping the oil market on Thursday: All eyes on U.S. inventories data due Thursday after API reported U.S. crude stockpiles rose by significantly more than analysts expect. OPEC, allies are said to consider cutting oil output by more than the 1m b/d Saudi Arabia proposed earlier this week.

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