Oil falls to US$60 level on Saudi plan to raise output

London

OIL fell towards US$60 a barrel on Monday, reversing gains after Saudi Arabia indicated it could increase its output.

The Saudis convinced their fellow Opec members that it is not in the group's interest to cut oil output however far prices may fall, the kingdom's oil minister Ali al-Naimi said in an interview with the Middle East Economic Survey (MEES).

Monday's edition of the Saudi-owned al-Hayat newspaper quoted the…