Oil falls as #Saudi, #UAE plan for higher output capacity - Reuters

Oil falls as Saudi, UAE plan for higher output capacity - Reuters:

Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak.

Brent crude was down $1.01, or 2.7%, at $36.21 per barrel by 11:01 ET (1601 GMT), while U.S. West Texas Intermediate (WTI) crude was off 92 cents or 2.7% at $33.44‮‮.‬‬

With the collapse of coordinated output cuts by Saudi Arabia, Russia and others, the Saudi energy ministry has directed producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day (bpd).