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  • 12-03-20

    Price of Brent crude oil drops almost 5 percent on Thursday's opening

    (MENAFN) On Thursday's opening as OPEC members Saudi Arabia and the United Arab Emirates (UAE) are planning to increase their crude oil production levels next month, price of Brent crude oil dropped about 5 percent.


    The global benchmark was trading at USD34.07 for each barrel at 0550 GMT for a 4.8 percent drop, after it ended Wednesday at USD35.79 a barrel with a decrease of 3.7 percent.


    American benchmark West Texas Intermediate was at USD31.50 a barrel at the same time for a drop of 4.9 percent, after closing the earlier session at USD33.12 for each barrel with a decrease of 3.6 percent.


    KSA will increase its crude oil production capacity to 13 million barrels for each day in short-term, as it announced on Wednesday, and it will give its customers 12.3 million barrels for each day of crude oil as of April 1.

    MENAFN1203202000450000ID1099842037

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