Credit: Shutterstock photoBrent traded below $118 on Wednesday as Saudi Arabia planned to produce more crude in the second quarter of 2013. The commodity traded steadily at $117.31 at 8:10 GMT on Wednesday morning.
According to CNBC , an oil industry source said that Saudi Arabia plans to fulfill rising Chinese oil demand by increasing its output in the second quarter, but the exact volume of the increase has not been confirmed. An increase on the supply side drove prices down, but is also expected to drive economic recovery within the global market.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
