Brent Oil Drops to $69 on Saudi Price Cut

Oil ended lower on Thursday as the debate over pricing continued after Saudi Arabia announced deep discounts for the crude it sells Asian and U.S. buyers in an apparent attempt to defend market share.

News that Libya’s El Sharara oil field, one of OPEC’s largest, might be ready to resume output once a pipeline blockage is cleared also weighed down sentiment in an over supplied market. El Sharara produced 300,000 barrels per day before it closed last month following clashes between armed groups.

Even so, losses in oil and other dollar-denominated commodities were capped by a weaker U.S. dollar against the euro amid uncertainties on whether the European Central Bank would introduce new stimulus into the euro zone economy.

Reuters

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