Brent Falls Below $69 as Price Rout Rolls On

Brent crude slipped below $69 a barrel on Friday, on track to finish the week below $70 a barrel for the first time since 2010, as cuts to official selling prices from Saudi Arabia added to recent pressure.

Prices remain near five-year lows as the market grapples with oversupply due to the US shale boom and the recent decision by the Organization of Petroleum Exporting Countries not to cut production.

Prices pared early losses after stronger-than-expected US employment data, while a slightly lower physical supply from the programme that underpins the Brent crude benchmark in January also provided support.

But analysts said the Saudi cuts to monthly prices for crude it sells to the United States and Asia just a week after blocking cuts to OPEC's output show it is stepping up its battle for market share.