“Oil extended losses amid speculation that crude-producing countries will increase supply, outweighing the impact of Japan’s expanded program of monetary easing and economic stimulus.
Futures fell as much as 1 percent. Saudi Arabia is taking action to reduce the price of oil by pumping about 10 million barrels a day of crude and will produce more if customers demand it, a Persian Gulf official with knowledge of the matter said yesterday. The Bank of Japan (8301)said it will increase its asset- purchase fund to 55 trillion yen ($697 billion) from 45 trillion yen. The BOJ joins the Federal Reserve and the European Central Bank in taking steps to prod the economy.”
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