Oil prices declined after Saudi Arabia told OPEC it raised production back above 10 million barrels a day in February. Brent futures were down $1.05, or 2 percent, at $50.30 a barrel by 11:13 a.m. ET (1513 GMT), near their lowest since November 30. U.S. crude slid $1.25, or 2.6 percent, to $47.15 a barrel. Saudi Arabia had curbed supplies more than it needed in January as part of a deal to help re-balance world markets and reduce a global glut.
The kingdom told OPEC it boosted production by 263,300 barrels a day last month. At 10.011 million barrels a day, Saudi production is still below the ceiling of 10.058 million a day imposed by the agreement, according to the OPEC report.