The price of Brent crude oil dropped towards $78 a barrel today amid increased crude exports data from Saudi Arabia in September.
Reuters reported that Brent crude oil declined ten cents to $78.37 a barrel, while US crude was down 60 cents to $74.01 a barrel.
Official data has revealed that Saudi Arabia’s crude oil exports increased in September by about 59,000 barrels per day (bpd).
The Organization of the Petroleum Exporting Countries (OPEC) still seems to be divided in opinion on a response to the decline of oil prices ahead of its scheduled meeting on its production policy.
Last week, Saudi Oil Minister Ali al-Naim said the kingdom wanted stable oil prices.
Meanwhile, data from the American Petroleum Institute revealed that US crude stockpiles increased 3.7 million barrels in the week ending 14 November, including a 1.4-million-barrel build at the Cushing oil hub.
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The US Department of Energy’s Energy Information Administration (EIA) is due to unveil its report later today.
A poll of seven analysts by Reuters predicts crude stocks declined 800,000 barrels last week.