Oil deepened its slide below pre-war levels as Saudi Arabia ramped up crude exports toward normal rates, extending the recovery in flows from the Persian Gulf and heightening the prospect of a supply surplus.
Brent futures slipped to near $70 a barrel in London, hitting their lowest since the week before the Iran war began on Feb 28. Saudi Arabia managed to load crude at almost 90% of previous levels after restarting shipments late last week from its giant Ras Tanura terminal, according to vessel-tracking data compiled by Bloomberg. US benchmark West Texas Intermediate dipped to near $67 a barrel.
