Oil Falls as Saudi Worries about Oversupply

Oil prices fell in Asian session on Monday after Saudi Arabia said the world oil market is oversupplied. Meanwhile, China's announcement to raise the reserve requirement ratio intensifies worries over slowdown in demand growth. The front-month contract for WTI crude oil slipped for the first time in 4 days to 109 while the corresponding Brent crude contract also dipped to 123. Gold edged higher to 1489.7 and has been hovering around the record high level as sovereign debt concerns in the European periphery persists. Heightening inflationary pressures across the globe also support the metal.

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Oil Falls as Saudi Worries about Oversupply