Reported 11 days ago
Oil prices fell over 3% following reports that Saudi Arabia intends to raise oil production, abandoning its $100-per-barrel price target. Brent crude settled down by 2.53% to $71.60, while U.S. West Texas Intermediate dropped by 2.90% to $67.67. This decision comes as OPEC+ prepares for an output increase in December, despite current market fluctuations fueled by overproduction concerns and weak demand recovery.
Source: YAHOO