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Oil prices moved lower after Saudi Energy Minister addressed US request

3:09 PM 4 October 2018

The US State Department issued a statement at night asking OPEC cartel to boost production to help tackle high prices on the oil market. Khalid Al-Falih, the Saudi Energy Minister, told reporters on Thursday morning that the cartel is ready to fully utilize its spare capacity of 1.3 mb per day in case it was needed. Oil prices began downward move following remarks. At 2:50 pm BST Brent trades at $85.71 (-0.67%) and WTI is quoted at $75.55 (-1.13%)

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