Crude prices dip after Saudi Arabia, UAE reach output deal


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

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