Oil prices sink, reversing gains as #Saudi TV reports looming output rise | Reuters

Oil prices sink, reversing gains as Saudi TV reports looming output rise | Reuters

Oil prices sank on Thursday, reversing earlier gains in a volatile session after a report that Saudi Arabia's oil output will soon surpass 10 million barrels per day for the first time since the outset of the COVID-19 pandemic.

The report, from Saudi-owned Al Arabiya TV, came after the nation, along with other Organization of the Petroleum Exporting Countries and its allies, agreed to stick to previously agreed upon production increases.

Brent crude fell $1.45, or 1.8%, to settle at $80.54 a barrel. Earlier, Brent rose to $84.49 a barrel. U.S. West Texas Intermediate crude fell $2.05, or 2.5%, to settle at $78.81 a barrel, well off the session high of $83.42.

Since Tuesday's close, Brent and WTI have fallen by about 5% and 6%, respectively.