All eyes are on whether Saudi Arabia will raise crude production if Russia's output significantly falls following European Union oil sanctions.
Oil prices moved lower on Thursday, following a report that Saudi Arabia is prepared to raise crude production if Russia's output significantly falls following European Union sanctions.
The Financial Times reported, citing sources, Saudi Arabia is aware of the risks of a supply shortage and that it is "not in their interests to lose control of oil prices."
The FT report comes ahead of a monthly meeting of the OPEC+ alliance on Thursday, which Russia is a part of. Russia is the world's second largest crude oil exporter behind Saudi Arabia.
Prices bounced from the lows of the day around 8:15 a.m. on Wall Street, just ahead of the meeting's kick off. International benchmark Brent crude futures dipped 0.9% to $115.26 per barrel. U.S. crude futures stood at $114.13 per barrel, for a loss of 1%. Earlier in the session it traded as low as $111.20.....
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