Nearly 3% drop in U.S. crude oil as Saudi reports commitment to production increase.

• According to The Financial Times, Saudi is prepared to boost production in December, even if it leads to low oil prices for an extended duration.

On Thursday, U.S. crude oil prices dropped by almost 3% due to news that Saudi Arabia plans to continue increasing production later this year.

Saudi officials are prepared to increase oil production in December, even if it leads to a prolonged period of low oil prices, according to people familiar with the kingdom's thinking.

Here are Thursday's energy prices:

• The November contract price for crude oil is $66.61 per barrel, a decrease of 2.21%, while the year-to-date decline in U.S. crude oil is approximately 5%.
• The November contract price per barrel is $70.26, a decrease of $1.60 or 2.2%, while the global benchmark has fallen nearly 7% year to date.
• The price of gasoline in October was $1.964 per gallon, which represents a 1.7% decrease compared to the previous month. To date in the year, gasoline prices have fallen by approximately 5.99%.
• The October contract price for gas is $2.628 per thousand cubic feet, representing a 0.3% increase. To date, gas prices have risen more than 4% this year.

The appointment of a new central bank governor in Libya has been agreed upon by factions in the North African country, ending a political dispute that led to production disruptions. The expectation is that oil production will increase as a result of this agreement.