Oil Prices Slide on Prospect of Saudi Arabia Raising Output

OIL PRICE - LONDON. Oil prices slipped on Thursday, reversing earlier gains, on a media report that Saudi Arabia, the world's top crude exporter, will give up its price target in preparation for raising output.

Brent crude futures were down $1.62, or 2.2%, to $71.84 a barrel, while U.S. West Texas Intermediate crude fell $1.6, or 2.3%, to $68.09 per barrel as of 1240 GMT. Both contracts fell more than $2 a barrel earlier on Thursday.