Brent oil sinks below USD 70 ahead of meeting of oil-producing nations

Brent crude oil sank Friday under USD 70 per barrel before a weekend meeting of major oil-producing nations in Abu Dhabi.

In London morning deals, Brent North Sea crude for delivery in January fell as low as USD 69.69 per barrel, a slide of 96 cents on the day, on surging US energy stockpiles. It comes as OPEC and non-cartel members meet this weekend to discuss a possible cut in crude output amid slumping prices.