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Brent Oil Slides to 11-Year Low as Producers Seen Worsening Glut

  • Arab countries focusing on cutting costs, Qatar's Al Sada says
  • U.S. oil-rig count rises by 17 to 541: Baker Hughes data
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Deep Dive: Brent's Weakness, Azerbaijani Manat

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Brent crude slumped to the lowest since mid-2004 amid speculation suppliers from the Middle East to the U.S. will exacerbate a glut as they fight for market share.

Futures fell 1.4 percent in London after a 2.8 percent drop last week. Producers are focusing on reducing costs amid the price decline, Qatar Energy Minister Mohammed Al Sada said Sunday at a gathering of Arab oil-exporting nations in Cairo. Drillers in the U.S. put the most rigs back to work since July, adding 17.