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.
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