Brent prices fell to $ 70 a barrel

Brent prices fell to $ 70 a barrel

12/06/2014 12:09 GMT

Brent prices fell to 70 dollars a barrelAgencies – Brent crude continued losses below $ 70 a barrel and heading to record the second weekly losses in a row with Saudi Arabia cut the largest oil exporter in the world crude prices, in the index.
Said Tony Nunan, oil risk manager at Mitsubishi Corp. in Tokyo “are heading to $ 60 per barrel of Brent. There is nothing to stop it (direction).” The inn Brent crude contracts for January 18 cents to $ 69.46 a barrel. The US crude fell 17 cents to $ 66.64 a barrel, but still headed for weekly gains limited.

Saudi Arabia has reduced shipments of crude prices to buyers Asians and Americans only a week after the UK refused to support the Organization of Petroleum Exporting Countries cut production (OPEC).

Saudi Arabia has reduced monthly prices for sales of crude to the United States and Asia, while Iraq is heading to export more oil, which prevents the recovery of Brent, after falling nearly 13% last week.

Noonan said «This is another sign that they want to maintain the production levels.» The battle has been raging on the market share in the next year, when Iraq begins to export more oil after Baghdad reached a tentative agreement with the Kurdistan Regional Government. It is scheduled to resume Libya also run the spark largest oil fields field immediately after the termination of the closure of the pipeline, which increases the supply in the market.