Oil prices slow decline by as much as 1 percent, trade data shows
MOSCOW, November 21 – RIA Novosti. World oil prices fell from 5% to 1% after Saudi Arabia denied reports of a possible increase in OPEC+ oil production, according to trading data.
As of 20:29 Moscow time, the January price of Brent crude oil fell 1.32% to $86.46 a barrel, while the price of the WTI January futures contract fell 1.05% to $79.28.
Prior to that, oil fell more than 5% on media reports that Saudi Arabia and other OPEC+ oil producers were discussing increasing production to 500,000 barrels per day. Brent fell below $83 a barrel on Monday for the first time since late September.
But the Saudi Arabian government agency later said the kingdom vehemently denied these reports and that the current OPEC+ 2 million bpd production cut would continue until the end of 2023. It was added that the alliance is ready for further production cuts to stabilize the market if necessary.
Source: Ria
I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.
