Oil nears $29 as investors await Iran, Iraq meeting

Oil prices fell again on Wednesday, as investors awaited further developments after Saudi Arabia, Russia, and key OPEC members decided to freeze output at January’s record-high levels.

Brent Crude, the key benchmark for half of the world’s crude exporters, fell 0.09 percent to $32.15, while WTI Crude was down 0.31 percent to $28.95 by 10:00 am in Saudi Arabia.

Crude prices had seesawed during Tuesday’s session following the news of the output freeze, which came after leaders met in Doha, Qatar. Venezuelan oil minister Eulogio Del Pino on Tuesday said he would meet his counterparts from Iran and Iraq in Tehran to discuss the decision, which is contingent upon other oil producers joining in.

Write to Reem Abdellatif at reem.a@argaam.com