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Oil prices dump after Saudi Arabia says it will not cut outlay alone

SINGAPORE (Reuters) – Oil prices forsaken around a commission indicate in early Asian trade on Monday after Saudi Arabia pronounced over a weekend that it would not unilaterally cut a outlay to urge prices.

Since oil prices started to tumble in Jun 2014, many analysts have approaching Saudi Arabia, OPEC’s biggest producer, to quell a output.

Yet Riyadh has so distant opted to keep outlay fast in a pierce to urge marketplace share opposite non-OPEC producers like Russia and a United States, where prolongation has soared as a outcome of a shale scrutiny boom.

“We tried, we hold meetings and we did not attain since countries (outside OPEC) were insisting that OPEC lift a weight and we exclude that OPEC bears a responsibility,” Naimi said.

“The prolongation of OPEC is 30 percent of a market, 70 percent from non-OPEC … everybody is ostensible to attend if we wish to urge prices,” Saudi oil apportion Ali al-Naimi pronounced on Sunday.

Benchmark Brent wanton oil futures LCOc1 was trade during $54.79 a tub during 0123 GMT, down 53 cents from their final settlement. U.S. WTI wanton CLc1 was down 58 cents during $45.99 a barrel.

(Editing by Joseph Radford)


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