Oil prices decline amid output concerns

0 Comment(s)Print E-mail Xinhua, September 13, 2019
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NEW YORK, Sept. 12 (Xinhua) -- Oil prices declined on Thursday as investors' output concerns were renewed after major oil exporting countries said they were undecided whether to deepen crude supply cuts.

Members of the Organization of the Petroleum Exporting Countries (OPEC) held its 16th meeting of Joint Ministerial Monitoring Committee (JMMC) on Thursday in Abu Dhabi, capital of the United Arab Emirates.

Saudi Arabia's newly-appointed Energy Minister Prince Abdulaziz bin Salman told reporters the Kingdom "will keep its output cuts until the end of the year for further review during the next JMMC meeting in December."

The West Texas Intermediate (WTI) for October delivery decreased 0.66 U.S. dollar to settle at 55.09 dollars a barrel on the New York Mercantile Exchange, and Brent crude for November delivery declined 0.43 dollar to close at 60.38 dollars a barrel on the London ICE Futures Exchange. Enditem

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