London: Oil Prices fell today after supplies from Russia and Saudi Arabia increased.
Oil prices dropped after several days due to the raise of oil production and supply from Saudi Arabia and Russia.
US light crude was down 40 cents at $73.75. Benchmark Brent crude oil down 73 cents at $78.50. Oil prices significantly increased as the US crude contract hit $74.46.
Earlier, Donald Trump revealed that Saudi Arabia’s Leader Salman bin Abdulaziz agreed to increase the oil production. However, oil prices significantly increased on Friday. However, it was due to worries that the US sanctions against Iran will pull high volume of crude oil from international markets. However, rising prices can create a political turmoil for President Trump before the upcoming elections in November.
Saudi Arabia’s oil output is increased by 700,000 barrels per day (bpd), and close to the 10.72 million bpd record from the Nov-16. In addition, Russian output also increased from 10.97 million bpd in May to 11.06 million bpd in June.