Oil trades below $51 as supply glut fear grows, eyes on Opec's meeting

Saudi Arabia may be doing its share of lowering prices amid mounting pressure from Trump

Oil traded below $51 a barrel on concerns record output by Saudi Arabia may exacerbate a supply glut, and as President Donald Trump continues to call for lower prices.

Futures in New York halted a decline after slumping 7.7 percent to the lowest level in more than a year on Friday. Trump reiterated his view that falling oil prices are great even after the U.S. benchmark plunged the most last week since January 2016. Saudi Arabia’s oil minister suggested last week that the kingdom has boosted output above 10.7 million barrels, while he added the world’s biggest exporter won’t oversupply the