Oil falls after Saudi indicates increase in supply if required

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic retreated after Saudi Arabia said it was ready to raise output further if needed.

Front month Brent crude fell 29 cents or 0.45% to USD 64.80/barrel., while WTI crude fell 57 cents or 0.93% to trade at USD 60.20/barrel.

WTI crude prices rose to high of USD 61.82/barrel earlier this week as firm demand and a strong US stock drawdown lifted the market. But the rally was halted today after Saudi Arabia once again expressed readiness to supply more in case demand rises.