Crude Oil Watch: Oil falls as Russia & Saudi agree output rise,

commodity tipsCrude Oil prices on Thursday fell from four-year highs that hit the previous session, on account of rising U.S inventories after reports that Saudi Arabia struck a private deal in Sept. to lift crude output.

Brent crude oil futures were trading at USD 85.85 per barrel in early trade, down 0.5%, from their last close. US WTI crude futures were down 0.4 percent, at USD 76.11 per barrel.

US crude oil stocks spiked by close to 8 million barrels last week to about 404 mln barrels, the biggest increase since March 2017, as per EIA data showed on Wednesday. Meantime, US crude oil production remained at a record-high of 11.1 million bpd.

On the demand side, there is rising concern that high oil prices and declining EM market currencies are generating an inflationary mix that could wear away fuel demand and economic growth, according to experts.

Please follow and like us: