Oil prices fall to lowest since January despite Saudi-backed production cut
The price decrease could be worrisome for Saudi Arabia and its investment plans.
Oil prices have fallen to a yearly low, despite a recent production cut supported by Saudi Arabia and Russia.
The price of Brent crude oil fell to $77.17 a barrel on Wednesday, the lowest price since the $78.98 recorded Jan. 3. Prices stayed around there on Thursday, and stood at $77.05 at around 1 p.m. ET, according to market data.
