June 12, 2015 / 12:51 AM / 4 years ago

Oil prices fall after Saudis say could raise output to meet demand

SINGAPORE, June 12 (Reuters) - Oil futures dipped on Thursday, with U.S. crude retreating further from a one-month peak of almost $62 a barrel earlier this week, after Saudi Arabia said it was ready to raise output further to meet strong demand.

U.S. crude prices hit a high of $61.82 a barrel earlier this week, their strongest since May 6, as firm demand and a stock drawdown lifted the market.

But the rally was halted by a dimming global economic outlook as well as top crude exporter Saudi Arabia saying it was ready to increase its oil output in the coming months to a new record to meet a rise in global demand.

Front month U.S. crude had fallen 25 cents to $60.52 a barrel by 0035 GMT.

Brent futures were down 29 cents at $64.82 a barrel.

DATA/EVENTS

* The following data is expected on Wednesday (GMT):

0600 Germany Wholesale price index May

0900 Euro zone Industrial production Apr

1230 U.S. Producer prices final May

1400 U.S. Univ of Michigan sentiment index Jun (Reporting by Henning Gloystein; Editing by Ed Davies)

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