By Jonathan Davies

The price of Brent crude oil could fall below $60 in the coming weeks, a risk manager has told Reuters.

Saudi Arabia, one of the world's biggest suppliers of oil, yesterday (Thursday) cuts its official selling prices.

Brent crude has fallen from $115 per barrel to less than four year lows of $70 this year. And oil risk manager Tony Nunan said: "We're heading for $60 for Brent. (There is) nothing to stop it."

Commerzbank analyst Eugen Weinberg, said: "It's been weighing on the market, showing that OPEC is not ready to end its price war.

"The lower the better seems to be the new paradigm for OPEC."

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