Oil prices slump as OPEC, Russia mull output boost

Source: The Hitavada      Date: 27 May 2018 09:50:26



OIL prices fell more than $2 per barrel as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest since 2014. Brent crude futures fell $2.35, or 3 per cent, to settle at $76.44 a barrel. The global benchmark lost about 2.7 per cent this week, its largest weekly drop since early April.

The contract hit its highest since late 2014 at $80.50 last week. The US West Texas Intermediate (WTI) crude slumped $2.83, or 4 per cent, to finish at $67.88 a barrel. For the week, WTI tumbled about 4.9 pc, its biggest loss since early February, a sharp course reversal after six weeks of gains. The premium of Brent to WTI hit $8.75 per barrel in post-settlement trade, its widest since March 2015.