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Oil above $135, Saudi Arabia to raise output Jane Merriman LONDON (Reuters) - Oil rebounded above $135 a barrel on Monday after falling sharply in response to plans by Saudi Arabia to push output to its highest rate in decades. U.S. light, sweet crude for July delivery was up 49 cents at $135.35 a barrel by 7:01 a.m. EDT, after falling as much as $1.40 a barrel, or about 1 percent, earlier in the session. London Brent crude was up 11 cents at $135.22.
(Article continues below) United Nations chief Ban Ki-moon said over the weekend that Saudi Arabia, the world's biggest oil exporter, was set to increase output to 9.7 million barrels per day in July, its second supply boost in as many months. That would be a rise of 550,000 bpd or over 6 percent since May and would take Saudi output to its highest monthly rate since August 1981, according to U.S. government data. Saudi plans emerged ahead of a meeting of oil producers and consumers on June 22 to find a solution to record oil prices that have caused consumer protests in Asia and Europe. Some analysts view Saudi output increase as a signal that other members of the Organization of the Petroleum Exporting Countries might follow. "I think OPEC will add more barrels next week and it will have to be significant enough for the world to stand up and take notice," said Rob Laughlin, analyst at futures broker MF Global.
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