Brent Crude Slides to Four-Year Low Amid Excess Supply

Brent crude slid to the lowest level in more than four years and West Texas Intermediate also retreated amid concern the global market will remain oversupplied followed OPEC’s decision to keep output unchanged.

Saudi Arabia’s state-run oil company will offer the deepest discounts for its benchmark crude to Asian buyers in at least 14 years. The country has no price target for oil, according to a person familiar with its oil policy. The Saudis don’t want to subsidize Iran, Venezuela and Iraq and are willing to let the market decide prices, Daniel Yergin, vice chairman of Englewood, Colorado-based consultant IHS Inc., told Bloomberg TV.