Prices of other grades were also cut by 40 to 50 cents a barrel
Prices of other grades were also cut by 40 to 50 cents a barrel
ADNOC announces its crude oil prices retrospectively on a monthly basis.
Brent for February settlement traded at $38.18 a barrel on the London-based ICE Futures Europe exchange, up 2.4 per cent.
Opec may keep prices down to reduce US output further.
At around $37 a barrel, crude prices are well below the $60 firms such as Total, Statoil and BP need to balance their books.
I expect oil markets to recover by 2017, says Egypt's minister of petroleum
New rates set to ease inflation in UAE; oil is likely to average $45 in 2016.
Qatar firm Nebras Power to buy 50% in Minnesota project's operator.
The field is developed as a tie-back to the Taqa-operated Tern Alpha platform.
The 13MW first phase became operational in 2013. The 200MW second phase of the Solar Park will be operational by 2017, and the third phase will be operational by 2020.