Media: Argentina To Cut Price Of Locally Produced Oil By 12%

Reuters

BUENOS AIRES, Jan 5 (Reuters) – Argentina's new government has agreed to cut the price of locally produced oil by 12 percent to $67.5 per barrel, which is still higher than global crude prices, local media said on Tuesday.

Argentina sets the price that refineries pay for crude as a way of bolstering the local oil production industry.

Global benchmark Brent crude prices were down 22 cents at $37 a barrel at 1057 GMT. U.S. West Texas Intermediate (WTI) crude slipped 4 cents to $36.72 a barrel.

(Reporting by Hugh Bronstein; Editing by Greg Mahlich and Chizu Nomiyama)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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Brent Crude Oil : $54.33/BBL 0.81%
Light Crude Oil : $51.5/BBL 1.29%
Natural Gas : $3.75/MMBtu 1.35%
Updated in last 24 hours