Crude prices fall as OPEC mulls increase in output


Crude oil futures fell on Thursday on media reports that Organisation of the Petroleum Exporting Countries (OPEC) could start to pump more crude to make up for a drop in Russian production caused by Western sanctions.

As of 1735 hours GMT, the price of Brent, the international benchmark for two-thirds of the world’s oil, dipped by $1.04 (-0.89 percent) to $115.25. The West Texas Intermediate (WTI), the main oil benchmark for North America, went down by $1.16 a barrel (-1.01 percent) to $114.10. Brent crude, the global benchmark for oil, hit $125 a barrel on Tuesday, its highest level since early March.—TLTP