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Brent extends losses below $70 after Saudi price cut

Brent extends losses below $70 after Saudi price cut

SINGAPORE: Brent oil expanded losses below $70 a drum on Friday and it continuously declined in second week,with Saudi Arabia reduction in another signal it would maintain output in an oversupplied market.
Saudi Arabia cut monthly prices for crude it sells to the United States and Asia, while Iraq is set to export more oil, preventing Brent from staging a recovery after a near 13-percent plunge last week.
“We’re heading for $60 for Brent. (There is) nothing to stop it,” said Tony Nunan, a risk manager at Mitsubishi Corp in Tokyo.
Brent crude LCOc1 fell 48 cents to $69.16 a barrel by 0449 GMT (11:49 p.m. EST). U.S. crude CLc1 was down 42 cents at $66.39, but still on track for a small gain of less than 1 percent this week.
Just a week after Saudi Arabia refused to support OPEC output cuts, the world’s top exporter slashed its oil prices for Asian and U.S. buyers.