Oil Prices Edge Down on Output Reassurances by www.expertcommodity.com

© Reuters. Oil prices dropped on Tuesday morning in Asia

Experts says that oil prices dropped on Tuesday morning in Asia as Saudi Arabia and Russia vowed to raise crude output, slashing market concerns over looming sanctions on Iran that kick off in November.

Crude Oil WTI Futures for December delivery inched down 0.01% to $67.02 per barrel by 11:56 PM ET (03:56 GMT) on the New York Mercantile Exchange, while Brent Oil Futures for January 2019 delivery also fell 0.44% to $77.06 a barrel on London’s Intercontinental Exchange.

Saudi Arabia pledged earlier in the month to raise oil output to offset the fall from Iranian exports expected to be caused by the U.S. sanctions. The sanctions are set to take effect on Nov. 4.

Saudi Arabia will play a “constructive and responsible” role in world energy markets, despite recent criticism and isolation of the Kingdom following its role in the death of journalist Jamal Khashoggi.