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Oil falls on Saudi production pledge

Associated Press

  March 21, 2012

A pledge from Saudi Arabia to pump more oil to cover supply shortages and new signs that China’s economy is slowing helped sink oil prices Tuesday. Oil has risen more than 9 percent this year. The primary reason is a standoff over Iran’s nuclear program that has threatened to disrupt oil supplies from the Middle East. Benchmark U.S. crude fell $2.48 to $105.61 per barrel in New York while Brent crude lost $1.59 to $124.12 in London.

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