Oil Falls On China Concerns, Down 3% For The Week On OPEC Doubts
Saudi Arabia is likely to cut heavy oil production rather than light in order to maximize revenues, and as U.S. supply comes back, more light barrels will likely enter the market, Bank of America Merrill Lynch said in a note.
U.S. oil drillers cut rigs this week for only the second week in the last seven months, seen by traders as a pause in a recovery expected to last into 2018.
(Additional reporting by Ahmad Ghaddar in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and Lisa Shumaker)
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