Oil prices decline amid rising output
New York: Oil prices went down on Friday amid rising supplies from countries including Russia and Saudi Arabia.
Russia and key OPEC (Organization of the Petroleum Exporting Countries) members such as Saudi Arabia and Kuwait have all increased production recently, trying to help compensate for a potential decline in Iranian crude supplies once planned US sanctions take effect later this year, Xinhua reported.
Official data from Russia on Thursday showed that the country’s oil output rose by 150,000 barrels per day (bpd) in July from June to 11.21 million bpd.
Output by Saudi Arabia has also risen recently to around 11 million bpd, according to Reuters.
The West Texas Intermediate (WTI) for September delivery lost $0.47 to settle at $68.49 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased $0.24 to close at $73.21 a barrel on the London ICE Futures Exchange.