WASHINGTON (dpa-AFX) - Despite calls from the U.S. and large importers for additional supply, the OPEC and its allies decided on Thursday to stick with a plan to raise oil output modestly and gradually.
Still, crude oil prices tumbled and settled at their lowest in nearly a month, despite having rebounded strongly earlier in the day.
A report from Saudi Arabia's AI Arabia TV that Saudi's oil output will surpass 10 million barrels per day for the first time since the onset of the pandemic weighed on oil prices.
West Texas Intermediate Crude oil futures for December ended lower by $2.05 or about 2.5% at $78.81 a barrel, well off the day's high of $83.42.
Brent crude futures, which climbed to $84.48 a barrel, were down $1.52 or 1.85% at $80.47 a barrel a little while ago.
The OPEC and its allies agreed after a meeting today that they will stick to their earlier decision of reducing output by 400,000 barrels per day.
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