Oil prices drop below $70 per barrel

As of 8.38am, January futures for Brent oil dropped in price to $69.16 per barrel at the ICE Futures in London. WTI oil cost $66.44 per barrel at NYMEX. Saudi Arabia offered Asian clients a discount of $1.5-1.9 per barrel, compared with December prices. The discount for the U.S. totals $0.1-0.9 per barrel, Interfax reports.