Brent slides as Iraq follows Saudi Arabia and Iran, lowers crude prices

The price of oil was losing further ground first thing Monday morning after Iraq said that it too was lowering the price at which it sells its oil to Asia.

That follows similar moves from Saudi Arabia and Iran at the end of last week which pressured oil futures lower, as the cartel's members vie for market share.

Iraq set its November Basrah Light crude at $3.15 below the average of Oman and Dubai prices for those purchasing its oil in Asia. That marks the largest discount since January 2009. In November oil will be sold to Europe at a price of $4.5 per barrel less than dated Brent, instead of the $4.75 discount set in October.

Front-month Brent crude futures were falling by 1.4% to $88.96 per barrel on the ICE as of 07:45.