Oil prices record decline
- Last updated: February 12, 2021 | 14:13
Gulf Today Report
Oil prices fell on Friday, following OPEC cut of demand forecast and reports from International Energy Agency on market being over-supplied.
Brent crude was down 47 cents, or 0.8% at $60.67 a barrel by 03:09 GMT while US oil was down 53 cents, or 0.9% at $57.71 a barrel.
Following cut of production by OPEC and other producers, oil prices have recorded gains in the last few weeks.
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According to Capital Economics, "OPEC production is likely to fall this month led by declines in Saudi Arabia and Libya. This should deepen the global market deficit and support prices."
US crude inventories dropped unexpectedly last week, declining by more than 6 million barrels as refiners increased output to pre-pandemic levels, according to the Energy Information Administration.