Oil prices declined from their 31-month high, after the Saudi Arabian national oil company announced that they were not comfortable with the high level of oil price. WTI fell by 0.13 percent at USD $ 112.13 a barrel, while Brent registered a slight increase of 0.10 percent to be at USD $ 123.78 a barrel.
Saudi Arabia declared that they are committed to maintaining around 3 to 4 million barrels of oil a day of idle capacity, since they are wary of the impact of the current level of oil prices on the global economy. Following this revelation, oil futures slid by 1 percent and settled at 6 cents below the opening price, creating a so-called doji formation, which signals that the trend of increasing prices is expected to end.