( MEBG) - Oil prices declined sharply on July 22, indicating that Saudi Arabia is indeed quietly pumping more oil to cool the energy markets.
North Sea Brent crude futures for September traded at $27.47, a loss of 80 cents, after falling 61 cents on Thursday and 43 cents fall on Wednesday. U.S. light crude traded at $28.55, a loss of $1.22.
Brent is now $2.41 or eight percent down on the week as reports of more tanker traffic and extra exports have convinced traders a surge of new Saudi oil is heading for the market.
However Venezuelan Opec President Ali Rodriguez said that Oil Minister Ali Al Naimi of Saudi Arabia had assured him again that the kingdom would not act alone in a move to lower oil prices.
But, evidently from the market’s perspective, Saudi Arabia is acting differently.