Oil Extends Slide on Saudi Price Cut as U.S. Supply Seen Rising

West Texas Intermediate extended losses from the lowest closing price since June 2012 as Saudi Arabia cut prices for crude exports to U.S. customers amid speculation that stockpiles increased. Brent fell in London.
Futures dropped as much as 1.6 percent in New York for a fourth day of declines. Saudi Arabian Oil Co. reduced December differentials for all grades it ships to the U.S., while supplies to Asia and Europe were priced higher, an e-mailed statement showed yesterday. U.S. crude inventories climbed by 1.9 million barrels last week to a four-month high, according to a Bloomberg News survey before government data tomorrow. Oil slid in October by the most since May 2012 as leading members of the Organization of Petroleum Exporting Countries resisted calls to cut output. Global supplies are rising, with the U.S. pumping at the fastest pace in more than three decades.

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