Oil falls 3% as Saudi, UAE plan for higher output capacity
LONDON : Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and the coronavirus fed worries about demand.
Brent crude was down $1.09 or almost 3% to $36.13 per barrel by 1221 GMT, while US West Texas Intermediate (WTI) crude was off $1.06 or 3.1% at $33.30.
With the collapse of coordinated output cuts by Saudi Arabia, Russia and others, the Saudi energy ministry has directed producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day (bpd).
