Oil prices drop today, set for weekly loss

19/08/2022 Argaam

Oil prices dropped nearly 3% today, Aug. 19, heading for a weekly loss of 1.5% amid continued fears of global economic slowdown.

 

OPEC would add or cut production, if necessary, in the next meeting scheduled for Sept. 5, Reuters reported, citing Secretary General Haitham Al Ghais.

 

He added that OPEC is keen to ensure Russia remains part of the OPEC+ oil production deal after 2022.

 

Brent crude for October delivery traded 0.66%, or 60 cents, lower at $95.95 a barrel at 09:06 am Makkah time.

 

WTI for September delivery also traded 0.66%, or 60 cents, down at $89.90 a barrel.

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