Crude prices fall as OPEC mulls increase in output

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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