|12-06-2014, 06:15 PM||#1|
Brent crude prices trade below $70 on Saudi price cut, U.S. jobs report eyed
Brent crude oil prices retreated below the $69-a-barrel market on Friday, heading for a second straight weekly loss after Saudi Arabia cut its official selling price.
The price cut to the U.S. and Asia affirms Saudi Arabia’s intention to take hold of more market share, coming a week after OPEC kept its production capacity unchanged.
The idea of a price war has weighed notably on oil markets, with lower prices now becoming the model for OPEC as its members seem ready to take the risks of lower oil revenues in order to dampen the U.S. shale oil boom.
January Brent crude fell 0.65% or 45 cents to $69.19 a barrel, while WTI crude oil fell 0.67% to $66.36 per barrel. As of 12:52 GMT
The market has been also pressured down by a strong U.S. dollar, which is trading around two-year highs against the euro. A stronger dollar makes oil more expensive in other countries.
The global eye now turns to the U.S. non-farm payrolls report for November, which is set for release before markets open in the U.S. Analysts see the economy added 230,000 new jobs in November.
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