Global benchmark Brent crude oil futures have fallen steadily for almost four months, dropping 23 percent from a June high of over $115 a barrel as fears of a Mideast supply disruption ebbed, U.S. shale production boomed and demand from Europe and China showed signs of flagging.
Brent fell below $88 a barrel on Monday, hitting its lowest in almost four years, after news of the Saudi and Kuwaiti statements.
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