- Nineteen prisoners use cutlery to break out of cells at Winchester prison
- France wants progress in Ukraine before Russia returns to G7
- Italy president begins talks to seek way out of government crisis
- Italian PM expected to resign as political chaos deepens
- Russia says US cruise missile test ‘regrettable’
- Kremlin - No date set for Normandy talks on Ukraine despite Macron meeting
- Egypt court hands out 6 death sentences on terror charges
- Putin says Russian nuclear explosion poses no threat
- Russian panel eyes alleged foreign interference in protests
- Gran Canaria wildfire triggers evacuation of thousands of people
- PM Johnson calls on Germany and France to compromise on Brexit
- Sudan's ex-president Bashir arrives at corruption trial
TEHRAN, November 24 -Oil prices dropped 7 percent Friday -- marking the lowest price for crude in more than a year.
TEHRAN, Young Journalists Club (YJC) -Oil prices dropped 7 percent Friday -- marking the lowest price for crude in more than a year.
According to CNBC, the price drop increases pressure on the Organization of Petroleum Exporting Countries before member countries meets with non-OPEC nations in Vienna, Austria, on Dec. 6.
"The imminent OPEC meeting in Vienna is unlikely to provide massive support this time around because of the troubling situation in and around Saudi Arabia," Eugen Weinberg, head of commodities research at Commerzbank, said in a Wall Street Journal report.
The Journal reported the price decrease comes after a period in early October in which oil prices reached their highest rates in years. But recent geopolitical events, combined with pessimistic outlooks on the global economy and supply-and-demand concerns, caused the prices to plummet.
President Donald Trump praised the recent drop in oil prices on Wednesday.
"Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let's go lower!" Trump tweeted.
Source: UPI
Your Comment