Oil prices slide 3% on prospect of more OPEC+ oil
Oil prices fell more than 3% on Thursday on a Financial Times report that Saudi Arabia, the world's top crude exporter, will give up its $100 price target in preparation for raising output, along with OPEC members and allies in December.
Why oil prices have plunged 3% today
A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday. According to sources that spoke with the Financial Times, the kingdom will no longer seek a $100 per barrel price and is instead ready to increase oil output.
Oil Futures Fall; Prices Likely to Be Volatile
With ongoing Middle East tensions and the Fed cutting rates, oil’s short-term focus will be the balance between supply and demand, Nanhua Futures said.
Oil prices slide on prospect of Saudi Arabia raising output
Oil prices slipped on Thursday, reversing earlier gains, on a media report that Saudi Arabia, the world's top crude exporter, will give up its price target in preparation for raising output. Brent crude futures were down $1.
Saudis face reality on oil prices
Saudi Arabia reportedly plans to start producing more from Dec. 1, allowing global crude prices to fall. Why? It’s an admission that increased oil production in the United States and other non-OPEC members has combined with lower oil demand from China to drop prices well below the level the Saudis would prefer.
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