Oil Prices Fall Due to Production Increases
ISTANBUL - 01/09/2023 - HIBYA - Oil prices are falling due to increased production by the Organization of the Petroleum Exporting Countries (OPEC) and price cuts by the largest exporter, Saudi Arabia.
The price of North Sea Brent, which is also used by Turkey in price formation, has fallen by $2.75 or 3.49 percent to $76.01 per barrel.
In the global oil markets, the futures price of West Texas Intermediate crude oil (WTI) has also fallen by $2.87 or 3.89 percent to $70.94 per barrel.
Oil prices had risen by around 2.0 percent in the first week of the year due to attacks by Yemen-based Houthis that disrupted Red Sea maritime trade.
British News Agency
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