Oil Prices Fall 3% on Saudi Cuts, and Increased OPEC Output

Oil prices fell by nearly three percent due to significant price reductions by leading exporter Saudi Arabia and an increase in OPEC production, offsetting supply concerns generated by escalating geopolitical tension in the West Asia.

In intra-day trade,



Brent crude was trading 2.75 percent lower at 76 dollars and 60 cents per barrel, while U.S. West Texas Intermediate crude was also trading three percent lower at 71 dollars and 58 cents per barrel when reports last came in.