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Oil drops as Saudi, UAE plan to boost capacity
Why is it in the news?
- Oil prices fell after Saudi Arabia and the United Arab Emirates (UAE) announced plans to boost production capacity.
- The OPEC and the U.S. Energy Information Administration (EIA) cut oil demand forecasts because of the COVID-19 outbreak.
More in the news
- Brent crude was down $1.03, or almost 2.8%, at $36.19 per barrel by 7.25 p.m. while U.S. West Texas Intermediate (WTI) crude was off 99 cents or 2.9% at $33.37.
- Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) said it expected global demand to rise by just 60,000 bpd in 2020, a reduction of 9,20,000 bpd from its previous forecast.
Source
The Hindu