Oil stocks are getting whacked as Saudi Arabia reportedly offers buyers extra supplies

source
Andrew Burton/Getty Images

Oil explorers are getting hammered Monday following a Bloomberg report that Saudi Arabia is adding supplies to the global oil market by offering some Asian buyers extra volumes beyond its contractual obligations.

Saudi Arabia could hit record production with the additional oil offering.

Here’s the scoreboard:

West Texas Intermediate crude oil, the US benchmark, fell by more than 4.5% on account of the potential extra supply from Saudi Arabia. Additionally, The Wall Street Journal reported Friday that the US was considering a draw on supplies in its Strategic Petroleum Reserve.