Oil prices fall over 2% on prospects Saudi Arabia to raise output

Oil prices slumped onThursday, reversing earlier gains, on newsSaudi Arabia, the world’s biggest crude exporter, will give up on itsprice target in preparation for raising output. Brent LCOc1 crude futures were down $1.89, or 2.57%, to $71.57 a barrel, while U.S. West Texas Intermediate crude CLc1 fell $1.83 cents, or 2.63%, to $67.86 per barrel ...