Oil prices fall more than $5 at settlement

October 5, 2023 (pen) Oil prices fell by more than five dollars today, upon settlement, recording the lowest level within one session.

Brent crude futures fell $5.11, or 5.6 percent, to $85.81 per barrel upon settlement.

US West Texas Intermediate crude fell $5.01, or 5.6 percent, to $84.22 a barrel, and heating oil and gasoline futures fell more than five percent.

Saudi Arabia announced earlier today the continuation of the voluntary reduction in oil production amounting to one million barrels per day until the end of this year, to enhance the precautionary efforts made by OPEC Plus countries to support the stability and balance of oil markets. Russia also announced the continuation of the voluntary reduction in oil exports amounting to 300 thousand barrels per day. Until the end of this year.