Benchmark Brent crude slipped to its lowest in five years on Tuesday, dropping below $66 a barrel after plunging more than 4% the day before on worries over a deepening supply glut.
The chief executive of Kuwait’s national oil company on Monday said oil prices were likely to remain around $65 a barrel for the next six or seven months, the latest indication that Gulf producers were ready to ride out plunging prices.
Brent has fallen over 40% since June with losses deepening in late November after the Organization of the Petroleum Exporting Countries decided not to cut its output target.
Since then, the top oil exporter Saudi Arabia has reduced its monthly prices for crude it sells to the US and Asia, a move that analysts say shows it is stepping up its battle for market share.
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