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Oil slips below $77, weighed down by Saudi output boost, trade tensions

July 6, 2018 11:57 AM
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LONDON (Reuters) - Oil slipped below $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China, despite support from oil supply disruptions.

Top exporter Saudi Arabia told OPEC it raised oil output by almost 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.

Also read: Iran sells more oil to private exporters to bypass U.S. curbs

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