Brent crude was down 0.53% to $69.55 per barrel on Thursday afternoon.
Oil prices fell today as Saudi Arabia cut the price of its oil in the U.S., which added to worries that it is more concerned with keeping market share than raising prices, the Wall Street Journal reports.
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Saudi Aramco, a state run oil company, said on Thursday that it lowered its official selling price for all oil grades heading to Asia in January, between $1.50 per barrel and $1.90 per barrel. It also cut its prices for all crude grades to the U.S., between 10 cents and 90 cents per barrel, the Journal said.
Another possible factor contributing to the decline in oil prices is the comments made by Mario Draghi, the president of the European Central Bank, after the ECB announced its most recent policy decision, which is keeping its main interest rate unchanged, the Miami Herald reports.
Draghi didn't announce new stimulus, but suggested that the bank may act early next year. Draghi also said the ECB will be reassessing the success of its current stimulus program, as well as the impact of low oil prices on the European economy, the Herald added.