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Oil prices are falling in Asia after Saudi Arabia's announcement of production

10 Jan 2019 01:57 PM

Oil prices tended to drop in Asia on Thursday due to profit-taking after recording a significant increase linked to a Saudi announcement of cut production.

The price of light sweet crude for February delivery fell 55 cents to $51.81 in electronic exchanges in Asia. Brent North Sea crude, the European benchmark for March delivery, fell 49 cents to $60.95. Brent crude for Wednesday closed at 61.44 on London's exchange market, rising $2.72.

Saudi Energy Minister Khalid al-Falih said on Wednesday that the kingdom would cut its exports by 800,000 barrels per day to 7.2 million bpd in January 2019 compared to 8 million bpd in November 2018. An additional cut of 100,000 bpd is also due in February.

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