Oil falls as Saudi Arabia boosts supply in the face of disruptions elsewhere

SINGAPORE (Reuters) – Oil prices fell on Monday, with a Reuters survey showing a barrel of oil prices in the United States. disruptions elsewhere.

Brent crude oil futures were at $ 78.52 per barrel at 0058 GMT, down 71 cents, or 0.9 percent, from their last close.

U.S. West Texas Intermediate crude futures were down 71 cents, or 1 percent, at $ 73.44 a barrel, after rising more than 8 percent last week.

Saudi Arabia's output is up 700,000 bpd from May, a Reuters survey found on Friday, and close to its 10.72 million bpd record from November 2016, more than making up for disruptions elsewhere within the Organization of the Petroleum Exporting Countries (OPEC) .

U.S. President Donald Trump said over the weekend that Saudi Arabia had promised.

"If his (Trump's) entreaty to the Saudis to prime the pumps and get them producing correct proves, then it will go to the supply disruptions," said Greg McKenna, chief market strategist at AxiTrader futures brokerage. .

Voluntary supply cuts by OPEC and some non-OPEC suppliers, like tightened world oil markets since 2017, and unplanned disruptions from Canada to Venezuela and Libya along with upcoming new U.S. sanctions against major Iran exports have sparked concerns of supply shortfalls.

Despite the apparent supply relief from Saudi Arabia, the United States and other major economies include China and the European Union, as well as the looming new U.S. sanctions against Iran.

Trump warned close U.S. allies in an interview that aired on Sunday with a threat to European sanctions that do business with Iran.