Oil falls over 3% after Al-Falih's remarks

Markets 12/6/2018, 11:11 AM
Oil falls over 3% after Al-Falih's remarks

Prices of crude futures steepened their decline on Thursday after Saudi Arabia's Enegery Minister Khalid Al-Falih's remarks at the Organization of the Petroleum Exporting Countries (OPEC) summit in Vienna on Thursday, where he hinted at a lower oil production cut of 1 million barrels per day. According to the Saudi minister, an output reduction would only be decided unanimously among OPEC and non-OPEC oil producers participating in the meeting.

West Texas Intermediate deliveries for January dropped 3.23% to $51.23 per barrel at 10:58 am CET. At the same time, Brent deliveries for February lost 3.18%, selling for $59.65 per barrel.

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Brent Crude (...-0.45%

Chart for: F BRN 2/19

F WBS-0.43%

Chart for: F WBS 1/19