OTTAWA (dpa-AFX) - Crude oil prices tumbled Friday amid reports that Saudi Arabia want to capitalize on the recent rise in energy prices.
Media reports say that Saudi Arabia and Russia are planning to raise oil output, which would be finalized as early as June.
Crude for July delivery fell $1.25 to $69.46 per barrel, havig dropped for a 4-year peak above $72 in the pst few sessions.
OPEC and non-OPEC members are discussing to raise output by about 1 million barrels per day, reports said.
Saudi Energy Minister Khalid al-Falih said that 'all options are on the table' on relaxing the terms of the global oil supply deal.
Baker Hughes releases its U.S. oil rig count the afternoon. The U.S. shale boom is in full effect, analysts say.
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