Brent Crude Tumbles After Saudi Minister's Output Comment

(Bloomberg) -- Oil dropped below $60 a barrel in London Friday after Saudi Arabia’s energy minister signaled the kingdom’s output may have reach a record, while America’s growing inventories are stoking concerns about a supply glut. Brent crude futures fell as much as 5.3 percent on an intraday basis, and were set for a seventh weekly decline, after Khalid Al-Falih on Thursday said his country is producing in excess of 10.7 million barrels a day. Meanwhile, West Texas Intermediate was down as much as 7.4 percent from Wednesday’s settlement to $50.60.

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