CNBC | US oil settles 4.5% lower after Saudi oil minister remarks CNBC U.S. oil prices fell as much as 5 percent on Tuesday after Saudi Oil Minister Ali Al-Naimi ruled out any production cuts, restating the kingdom's rationale for maintaining output was that demand would pick up excess crude that has crushed prices over ... Oil drops 4 percent after Saudi oil min rules out production cuts Oil falls after Saudi minister says country won't cut crude production Crude drops as Saudi oil minister welcomes additional supplies |