Crude oil supplies from Saudi Arabia inched up in November from a month earlier, an industry source said, signalling no change in the kingdom's supply, despite a global oil glut and a steep fall in prices.
Saudi supplied 9.420
Brent crude oil slipped on Friday to below $63 a barrel, its lowest since July 2009, dragged down by persistent concerns over a global supply glut and a sluggish demand outlook.
Brent is down roughly nine per cent this week, some
Oil prices tumbled as much as 5 per cent on Wednesday, pushing US crude to five-year lows near $60 a barrel after data showed a spike in US inventories and Saudi Arabia's oil minister reiterated that he has no plans to cut output.
Oil rose more than 1 per cent on Wednesday with Brent climbing above $71 a barrel, recovering slightly from losses in the prior session as a turbulent market struggled to find a price floor.
The market has swung between sharp gain
US crude fell more than $2 to a five-year low in Asian trade on Monday, while Brent futures touched a fresh four-year low, extending a steep sell-off after Opec decided not to cut production last week, keeping markets well supplied.
Brent crude fell to a fresh four-year low under $72 a barrel on Friday after Opec decided not to cut output, a move investors said would leave oil markets heavily oversupplied.
Saudi Arabia blocked calls from poorer members of the
The official selling price (OSP) for Oman crude in January will drop by $8.72 to $78.24 a barrel, the lowest since November 2010, Reuters calculations based on data from the Dubai Mercantile Exchange (DME) showed on Friday.
Gulf oil producers led by Saudi Arabia on Thursday won the case for keeping Opec output unchanged, overriding calls from poorer members of the exporters' group for action to halt a slide in crude prices.
Benchmark Brent crude