Oil drops below $70 for first time since April

Brent crude oil sank Friday under $70 per barrel before a weekend meeting of major oil-producing nations in Abu Dhabi.

In London morning deals, Brent North Sea crude for delivery in January fell as low as $69.69 per barrel, a slide of 96 cents on the day, on surging US energy stockpiles.

It comes as OPEC and non-cartel members meet this weekend to discuss a possible cut in crude output amid slumping prices.

Source: The Punch

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