Oil Tumbles on Saudi Supply Increase, Strong Dollar

U.S. crude oil futures settled lower on Friday, extending losses for a second week after Saudi Arabia was reported offering more oil to Asian buyers and raising output in July.

The dollar rose against the euro and a basket of currencies, also pressuring crude futures as it prompted investors to reduce holdings of riskier assets.

On the New York Mercantile Exchange, crude for July delivery settled at $99.29 a barrel, down $2.64, or 2.59 percent, after trading between $98.60 and $102.15.

For the week, the contract fell 93 cents, or 0.93 percent, from the $100.22 close on June 3.

(Reporting by Gene Ramos)

((gene.ramos@thomsonreuters.com; +1 646 223 6054; Reuters messaging: gene.ramos.reuters.com@reuters.net)