Saudis slam

The Pak Banker - - MARKETS/SPORTS -

The world's big­gest oil ex­porter Saudi Ara­bia de­clared this week that ul­tra-low oil prices were "ir­ra­tional" as crude hit new 12-year lows un­der $27 on the global sup­ply glut.

The mar­ket's dra­matic slump cul­mi­nated with New York crude col­laps­ing to $26.19 per bar­rel -- a point last seen in May 2003. Lon­don Brent oil also skid­ded to $27.10 -- the low­est level since Novem­ber of the same year. Prices have since re­cov­ered some­what to sit at $31 head­ing into the week­end, but traders re­main on edge af­ter an­other rocky week.

Oil turned higher as OPEC king­pin Saudi said the mar­ket had "over­shot" it­self, while traders also di­gested euro-

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