Oil slumps over 5% as geopolitical tensions ease

10:44 AM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices are headed today, Feb. 2, towards their biggest single-session decline in more than six months, after US President Donald Trump said that Iran was "holding serious talks" with Washington, reducing the geopolitical risk premium.

 

Brent crude was trading down 5.2% at $65.70 a barrel, at 09:17 am Makkah time. West Texas Intermediate (WTI) dropped 5.35% to $61.73 a barrel.

 

This comes after eight countries in the OPEC+ alliance said after a virtual meeting on Feb. 1 that they had agreed to keep their oil production unchanged in March, after freezing it during January and February for seasonal reasons.

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