Oil prices have dropped further as at today towards $77 per barrel, with increased production from Saudi Arabia and rising tensions from the United States and China .
According to OPEC Sources, Saudi Arabia had initially committed to an increased output by about 500,000 barrels per day last month.
At 09:10 GMT Brent crude had dropped by 19 cents at $77.20 a barrel while US crude slipped 2 cents to $72.92.
This validated the promise by Saudi Arabia to increase output as said by Tamas Varga.
According to US government report, crude stockpiles rose 1.3 million barrels (54 sec).
