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Oil prices tumble to new lows as Saudis make sharp cuts

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Oil prices tumble to new lows as Saudis make sharp cuts

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Oil prices have hit their lowest level since June 2012.

The benchmark Brent prices have dropped under 92 dollars a barrel as price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data.

It is the clearest sign yet that the world’s largest exporter is trying to compete for crude market share.

While Saudi price cuts triggered today’s plunge, oil prices have been falling for months under the combined pressure of a revival in Libyan oil production, strength in the US dollar and dismal economic data in Asia and Europe.