Oil prices fall, reversing gains as Saudi TV reports looming output rise
NEW YORK (Reuters) -Oil prices fell on Thursday, reversing earlier gains in a volatile session after a report that Saudi Arabia’s oil output will soon surpass 10 million barrels per day for the first time since the outset of the coronavirus pandemic.
The report, from Saudi-owned Al Arabiya TV, came after the nation, along with other Organization of the Petroleum Exporting Countries and its allies, agreed to stick to previously agreed-upon production increases.
Brent crude fell 29 cents to $81.70 a barrel by 1:11 p.m. EDT (1711 GMT). Earlier, Brent rose to $84.49 a barrel. U.S. West Texas Intermediate crude fell 54 cents to $80.32 a barrel, well off the session high of $83.42.
