5/17, 6:24 PM (Source: TeleTrader)
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Oil prices fall, Brent down almost 1%

Oil traded with losses on Thursday after reports that the Organization of the Petroleum Exporting Countries (OPEC), excluding Iran, is considering lowering the agreed production cuts. OPEC members are meeting today in Jeddah, Saudi Arabia and they are expect to discuss the increasing tensions in the Middle East and their potential effects on global oil supplies.

On Thursday, Saudi Arabia accused Iran of organizing the attacks on Saudi oil pipelines. Saudi Foreign Minister Ade al-Jubeir said that Yemeni rebels are under Tehran's control, following Iran Revolutionary Guard Corps' orders.

WTI for June delivery fell 0.30% to sell for $62.70 per barrel at 12:13 ap ET, while international benchmark Brent for settlements in July dropped 0.95% to go for $71.97 per barrel at 12:14 pm ET.

Breaking the News / SS