Oil Plunges Over 2% on Rumor Saudis Ready To Increase Output

Brent crude and the U.S. benchmark shed well over 2% on Thursday on mainstream media rumors that Saudi Arabia is planning to unleash more oil on the market, with the Kingdom willing to give up its $100-per-barrel price target.  According to a Financial Times report earlier in the day citing unnamed sources, Saudi Arabia is willing to reduce its $100 price target to pump more oil, and OPEC+ is preparing to increase output collectively in December.  At 10:41 a.m. ET on Thursday, Brent crude was trading down 2.10% at $71.92, for a loss of…