Oil prices continued to slide on Tuesday. Brent crude was at its cheapest in over four years, close to $82 a barrel at one stage. <br /><br />That followed Saudi Arabia, which is the world’s top exporter, cutting its prices for the United States; at the same time it increased them for Asia and Europe.<br /><br />Some analysts saw that as Saudi Arabia signaling its intention to fight for US market share and squeeze the shale oil producers there.<br /><br />But others feel the price changes reflect market fundamentals and do not have a political motive.<br /><br />As well as oversupply, the stronger dollar is also pulling down oil prices. <br /><br />There is no sign that the Organization of the Petroleum Exporting Countries (OPEC) is planning to reduce output in a well supplied market.<br /><br />The oil cartel will meet on November 27 in Vienna to discuss its output targets for next year.<br /><br />Members Venezuela and Ecuador are working on a joint proposal to defend oil prices, but the United Arab Emirates oil minister said the group is “not panicking.”<br /><br />OPEC’s secretary general last week said production next year would not vary much from 2014, and members Iran and Kuwait have said a cut in output at the next meeting was unlikely. <br /><br />with Reuters
