Iraq News - Local News - Baghdadpost

Oil prices drop on potential increase in OPEC output

Exclusive: Tehran smuggles oil from Kirkuk  to Iranian cities

Oil prices fell on Thursday, pulled down by expectations that OPEC members could step up production in the face of worries over supply from both Venezuela and Iran.

International benchmark Brent LCOc1 futures were down 15 cents, or 0.19 percent, at $79.65 per barrel at 0103 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 10 cents, or 0.14 percent, at $71.74 a barrel.
The Organization of Petroleum Exporting Countries (OPEC) may decide to increase oil output to make up reduced supply from Iran and Venezuela in response to concerns from Washington over a rally in oil prices, OPEC and oil industry sources told Reuters.