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Wed, Oct 16, 2019 | Last Updated 5:38 am IST

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Oil prices went down amid rising supplies from Russia & Saudi Arabia

Oil prices went down amid rising supplies from Russia & Saudi Arabia
Oil prices went down amid rising supplies from Russia & Saudi Arabia
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New York sources reported that oil prices went down on Friday amid rising supplies from countries including Russia and Saudi Arabia. Meanwhile 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.



As per report 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. According to Reuters the output by Saudi Arabia has also risen recently to around 11 million bpd.

Oil prices went down amid rising supplies from Russia & Saudi Arabia

Furthermore 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.

Oil prices went down amid rising supplies from Russia & Saudi Arabia

Oil prices went down amid rising supplies from Russia & Saudi Arabia
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