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Crude oil Prices bounce back

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Crude oil Prices bounce back


The energy component tumbled to almost $43.50 per barrel, a loss of more than 2%, after an OPEC source told Reuters that, "the Saudis have threatened to raise their production to 11 million barrels per day and even 12 million bpd, bringing oil prices down, and to withdraw from the meeting." However, a Bloomberg report surfaced soon after suggesting that that the Saudis never threatened to increase production. The latest rumors come less than a week after a survey showed that OPEC's production was likely to hit another record high in September.    West Texas Intermediate crude oil is down 0.49% at $44.51 per barrel and Brent crude oil, the international benchmark, is lower by 0.56% at $46.13 per barrel. Check out the wild swings for yourself.

crude oil news

 Oils production wars agains between saudi or iran
Old disputes between Saudi Arabia and rival Iran resurfaced at a meeting of OPEC experts last week, with Riyadh saying it could raise oil output steeply to bring prices down if Tehran refuses to limit its supply, OPEC sources say.Clashes between the two OPEC heavyweights, which are fighting proxy wars in Syria and Yemen, have become frequent in recent years.Tensions subsided, however, in recent months after Saudi Arabia agreed to support a global oil supply limiting pact, thus raising the prospect that OPEC would take steps to boost oil prices.But a meeting of OPEC experts last week, designed to work out details of cuts for the next OPEC ministerial gathering on Nov. 30, saw Saudis and Iranian clashing again, according to five OPEC sources who were present at the meeting and spoke to Reuters on condition of anonymity."The Saudis have threatened to raise their production to 11 million barrels per day and even 12 million bpd, bringi…