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Oil slips below $114 per barrel

18 September 2012, 16:07

London - Oil slipped below 114 dollars a barrel on Tuesday extending the previous session's slide.

Investors' focus shifted from central bank stimulus to slowing global growth and signs that Saudi Arabia is pumping at high rates to dampen prices.

A senior Gulf source said Saudi Arabia, the top crude exporter, was pumping around 10 million barrels per day - near the highest rate in decades.

Majority of OPEC producers want oil prices around 100.dollars

"Unless there is a major supply disruption in the Middle East, there is nothing to push it higher," said analyst Andrey Kryuchenkov at VTB Capital.

"Saudi will seek to drive it closer to 100 dollars and everyone knows it."

Brent Crude for November dropped 36 cents to 113.43 dollars a barrel.

 On Monday, it tumbled 3.60 dollars in the space of three minutes.

U.S. crude was trading 54 cents lower at 96.08 dollars. On Monday, it slipped around four dollars in the same three-minute period.


Tags opec oil

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