Global crude oil prices declined amid speculation over Venezuela’s planned exit from the Organisation of the Petroleum Exporting Countries, OPEC.
A crude oil market survey showed that Brent and West Texas Intermediate, WTI, dropped to $88.10 and $83.40 per barrel, respectively, on Saturday morning.
This means that Brent and WTI prices dropped by 0.47% and 0.16%, respectively, at the time of reporting.
This comes amid a report by Bloomberg about Venezuela’s proposed exit from OPEC after nearly three decades of membership. However, the country has not officially made a final decision on the proposal to exit OPEC.
