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Friday, 05 December 2014 - 11:57
Oil tumbles lower on reports of new Saudi price cuts
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Oil prices fell in London and New York helped by reports that Saudi Arabia has trimmed its export prices and is doing nothing to tighten supplies.

US benchmark West Texas Intermediate for delivery in January lost 57 cents from Wednesday's close to 66.81dollars per barrel.

Reports said Riyadh cut January prices for its crude to Asian and US buyers, as the world's leading exporter defends its market share and, some analysts speculate, seeks to drive high-price producers out of the market.
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