Oil prices have hit their lowest level since June 2012.<br /><br />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.<br /><br />It is the clearest sign yet that the world’s largest exporter is trying to compete for crude market share.<br /><br />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.
