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Wednesday, December 25, 2024

Home Business Crude prices dip after Saudi Arabia, UAE reach output deal

Crude prices dip after Saudi Arabia, UAE reach output deal

by News desk
July 15, 2021
in Business

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Islamabad

Oil prices decreased on Wednesday after Saudi Arabia and the United Arab Emirates (UAE) re-solved their nearly two-week-long standoff over baseline production levels that was blocking a unanimous OPEC+ deal on oil supply.

At 1420 GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed 0.47 percent to reach $76.13 a barrel.

Similarly, the US West Texas Intermediate (WTI) reached $74.75, down 0.03 percent.The price for Opec Basket was recorded at $75.13 a barrel with 1.08 percent increase, Arab Light was available at $76.73 a barrel with 1.36 percent in-crease. —TLTP