Brent crude oil fell more than 3 percent to its lowest in more than four years near $82 a barrel on Tuesday, after top oil exporter Saudi Arabia cut sales prices to the United States.
Front-month Brent touched a low of $82.08, its weakest since October 2010, and was down $2.35 at $82.43 a barrel by 1500 GMT.
US light crude was down $2.00 at $76.78 a barrel. It touched a session low of $75.84, its weakest since October 2011. Its discount to Brent hovered around $6.
Saudi Arabia increased its December official selling prices (OSPs), relative to benchmarks, to Asia and Europe on Monday, but lowered prices to the United States, a smaller export market.
A growing supply glut in the United States has led more than a dozen oil producers to create a new lobby group, Producers for American Crude Oil Exports (PACE), which seeks to end the country’s 40-year ban on crude exports.
US commercial crude stocks are likely to have risen last week which if confirmed will be the fifth consecutive weekly stock build.
