West TX Oil Near $74 as Saudi Exports Rise

U.S. crude fell towards $74 a barrel in early Asian trade on Wednesday, headed for a third straight drop, after data showed top OPEC producer Saudi Arabia increased crude exports in September despite signs of an oversupplied market.

U.S. crude for December delivery fell 33 cents to $74.28 a barrel by 0058 GMT, taking it towards last Friday’s four-year low. The contract closed $1.03 lower on Tuesday.

OPEC heavyweight Saudi Arabia’s crude oil exports edged up in September by around 59,000 barrels per day (bpd) while volumes used by domestic refineries remained high, official data showed on Tuesday.

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