By pressing ‘Submit’ you consent to receiving marketing communications. Don’t worry you can change your mind at anytime by updating your preferences

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.


Prices may be delayed by 5 seconds. Prices above are subject to our website terms and conditions. Prices are indicative only