Oil (USO) Continues to Slide as Saudis Crank Up Production

May 8, 2012 8:13 AM EDT
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U.S. crude prices fell again in overnight trading, as Saudi Arabian oil minister Ali al-Naimi said today that they were pumping 10 million bpd and storing 80 million in case of supply disruption, according to reports out of Reuters. The 10 million bpd level of production is close to decade highs.

Other factors affecting the price of oil are a build up in inventory in the US and a limp labor market.

A weekly inventory report that helps explain factors behind energy costs is due out later today from industry group American Petroleum Institute.

ETF United States Oil (NYSE: USO) seeks to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil.

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