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Oil falls below $100 to lowest price in two weeks

US President Joe Biden failed to convince Saudi Arabia to significantly increase oil production during his recent trip to the region but the boosts endorsed by the OPEC+ alliance came into effect this month.

Oil prices fell again today, though they remain up over the year. 

The price of Brent crude oil, considered the global benchmark for global oil prices, opened at $99.24 a barrel today. The price last fell below $100 a barrel on July 12 and remained around there until July 15, when it went above $100 again. 

Oil prices are still up on the year, however. Brent crude traded at around $79 a barrel in January. In March, the price shot above $100 a barrel amid the Russian invasion of Ukraine and has mostly stayed at that level. 

Why it matters: US President Joe Biden traveled to Saudi Arabia last week, in part to convince the oil-rich kingdom to produce more oil. Fuel prices in the United States are historically high at present. Biden failed to convince the Saudi leadership to significantly boost production, however. 

The Organization of Petroleum Exporting Countries and its allies, aka OPEC+, did begin increasing production by 648,000 barrels a day this month. Saudi Arabia is the largest member of OPEC. 

Know more: Energy prices have risen across the Middle East this year in countries that lack significant oil reserves. Fuel prices in Lebanon in June were triple what they were last September, while in Syria, prices increased 40% between January and May, according a recent report from Mercy Corps.

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