Oil Remains Pressured Below 100 as Saudi Minister Stated Prices Too High

Financial markets remained under pressure ahead of US session. In the commodity sector, the front-month contract for WTI crude oil price decline for a 4th consecutive day to as low as 96.71 while the equivalent Brent crude contract slumped to 112.11. Oil was also weighed down by Saudi Arabia's Oil Minister Ali al-Naimi's comments that prices were still too high.

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Oil Remains Pressured Below 100 as Saudi Minister Stated Prices Too High