Oil tumbles after Saudi Arabia says it increased production

Oil has tumbled after Saudi Arabia says it increased production.
WTI crude, the US benchmark, is down by 0.9% at $47.99 per barrel as of 8:01 a.m. ET. This is the lowest level since late November. Meanwhile, Brent crude oil, the international benchmark, is down by 0.5% at $51.08 per barrel. Again, this is the lowest level since late November.Oil's tumble follows the release of a monthly report by OPEC, which shows that Saudi Arabia increased production in February back above the level of 10