Oil prices dropped over 3% Thursday after a Financial Times report that Saudi Arabia will abandon its $100 price target and increase output alongside OPEC+ members in December. Brent crude futures fell to $71.60 per barrel, while US West Texas Intermediate crude settled at $67.67 per barrel.
Oil prices fell more than 3 per cent on Thursday on a Financial Times report that Saudi Arabia , the world’s top crude exporter, will give up its $US100 price target in preparation for raising output, along with OPEC members and allies in December. Brent crude futures settled down $US1.86, or 2.53 per cent, to $US71.60 a barrel. US West Texas Intermediate crude finished down $US2.02, or 2.90 per cent, at $US67.67 per barrel.
Meanwhile, two OPEC+ sources said that the producer group is set to go ahead with a December oil output increase because its impact will be small should a plan for some members to make larger cuts to compensate for overproduction be delivered in September and later months. The Organisation of the Petroleum Exporting Countries, along with the group’s allies including Russia, together known as OPEC+, have been cutting oil output to support prices.
Oil Prices Saudi Arabia OPEC+ Crude Output Energy Market
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX set to rise as Wall Street gains; oil prices fallUS stocks are rising as financial markets around the world rally again.
Read more »
ASX set to rise as Wall Street gains; oil prices fallUS stocks are rising as financial markets around the world rally again.
Read more »
Before the Bell: ASX to fall, Nvidia sell-off paces Wall St slide, oil plungesAustralian shares are set to drop after weak US manufacturing data triggered heavy selling in New York particularly among the market leading tech majors.
Read more »
Relief in sight for motorists as oil prices slidePetrol prices at the bowser are primed to fall in coming months as a slowdown in major economies reduces demand for oil.
Read more »
As olive oil prices soar, could this native insect threaten Australian production?Extra-virgin olive oil producers fear that a native sap-sucking insect may place added pressure on the industry already impacted by rising labour costs and climate change.
Read more »
Relief in sight for motorists as oil prices slidePetrol prices at the bowser are primed to fall in coming months as a slowdown in major economies reduces demand for oil.
Read more »