Crude oil has been all over the place on Friday as rumors concerning OPEC production continue to swirl.
The energy component tumbled to almost $43.50 per barrel, a loss of more than 2%, after an OPEC source told Reuters that, “the Saudis have threatened to raise their production to 11 million barrels per day and even 12 million bpd, bringing oil prices down, and to withdraw from the meeting.”
However, a Bloomberg report surfaced soon after suggesting that that the Saudis never threatened to increase production. The latest rumors come less than a week after a survey showed that OPEC’s production was likely to hit another record high in September.
As of 10:49 a.m. ET, West Texas Intermediate crude oil is down 0.49% at $44.51 per barrel and Brent crude oil, the international benchmark, is lower by 0.56% at $46.13 per barrel. Check out the wild swings for yourself.