Oil prices tanked on Friday on the back of reports suggesting that oil-producing countries would ramp up production levels. Oil prices tanked on Friday on the back of reports suggesting that oil-producing countries would ramp up production levels. Towards the end of the session, Brent crude prices were down 3.3% to 76.202 US dollars per barrel after a Reuters report said Saudi Arabia and Russia were in talks about raising oil production by 1 million barrels a day. The rises reverse a recent rally for oil, with prices climbing above 80 US dollars per barrel last week. Some commentators were predicting prices could hit 100 US dollars per barrel over the summer.

Source: Irish Independent May 25, 2018 16:30 UTC