Crude Slumps as OPEC may Raise Output

Crude resumed weakness after a brief recovery in Asian session. The front-month contract for WTI crude oil price plunged and approached 88 after OPEC signaled potential increase in supply. Saudi Arabia's Oil Minister Ali al-Naimi said the cartel may increase oil output to meet demand from mainly 3 regions, Asia particularly China and India, Middle East and Latin America.

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Crude Slumps as OPEC may Raise Output