Oil rigs
Oil prices fell more than 1% on Wednesday after Reuters reported, citing a source, that Saudi Arabia and the United Arab Emirates (UAE) had reached a compromise over the OPEC+ oil supply deal.
The agreement gives the UAE a higher production baseline, the source said, adding that the UAE's baseline will be 3.65 million barrels per day after the current pact expires in April 2022.
The group is expected to set a date for new meeting soon, Bloomberg reported, citing a source.
The international benchmark Brent crude was trading down 1.1% at $75.66 per barrel, at 2.10 pm Makkah time.
WTI crude fell 1.1% to $74.45 per barrel.
Meanwhile, US crude stockpiles declined by 4.1 million barrels for the week ended July 9, according to American Petroleum Institute data.
The Energy Information Administration’s official report on US crude stockpiles is due later today.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}