WTI falls as Saudi committed to higher output [Video]

U.S. crude oil prices fell nearly 3% on Thursday on a report that Saudi Arabia is committed to pressing ahead with production increases later this year.

Saudi is prepared to ditch its unofficial oil price target of $100 per barrel, people familiar with the kingdom’s thinking told The Financial Times. Saudi officials are ready to increase oil production in December even if the move results in a prolonged period of low oil prices, the people said.

Here are Thursday’s closing energy prices:

• West Texas Intermediate November contract: $67.67 per barrel, down $2.02, or 2.9%. Year to date, U.S. crude oil is down more than 5%.
• Brent November contract: $71.60 per barrel, down $1.86, or 2.53%. Year to date, the global benchmark is down about 7%.
• RBOB Gasoline October contract: $1.9613 per gallon, down 1.93%. Year to date, gasoline is down about nearly 7%.
• Natural GasOctober contract: $2.60 per thousand cubic feet, down 1.4%. Year to date, gas is up more …