Oil Slumps 3 Percent on OPEC Supply, China's Tariffs

"My guess is the increase will be something less than the 1 million bpd (barrels per day) that the U.S. is supposed to have asked the Saudis for," McKenna said.

Adding to investor jitters about supply, U.S. production continues to ramp up.

U.S. energy companies added one oil rig this week, the fourth week of increases, according to weekly data from GE's Baker Hughes division.

(Additional reporting by Osamu Tsukimori in Tokyo and Jane Chung in Seoul and Christopher Johnson in London Editing by David Gregorio and Marguerita Choy)

Copyright 2018 Thomson Reuters.


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