Energy

oil prices after report on Saudi Arabia output

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All eyes are on whether Saudi Arabia will raise crude production if Russia’s output significantly falls following European Union oil sanctions.

Andrey Rudakov | Bloomberg | Getty Images

Oil prices dropped on Thursday, following a report that Saudi Arabia is prepared to raise crude production if Russia’s output significantly falls following European Union sanctions.

The Financial Times reported, citing sources, Saudi Arabia is aware of the risks of a supply shortage and that it is “not in their interests to lose control of oil prices.”

International benchmark Brent crude futures traded 2.6% lower at $113.25 per barrel. U.S. crude futures dropped 2.68% to $112.17.

Whilst it’s not an…



Source cnbc.com

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