Oil falls 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 OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak.

Brent crude was down $1.01, or 2.7%, at $36.21 per barrel by 11:01 ET (1601 GMT), while U.S. West Texas Intermediate (WTI) crude was off 92 cents or 2.7% at $33.44.