Saudi Arabia can sustain low prices for a long, long time, Saudi Aramco boss says

Crude oil futures weakened in afternoon trading following remarks from Saudi Aramco chairman Khalid al-Fatih that his country would maintain its investment plans.

Saudi Arabia, the world´s main producer of oil could sustain low prices for "a long, long time," al-Fatih told a conference in Riyadh, Bloomberg reported.

Earlier in the day, the Secretary General of the Organisation for the Petroleum Exporting Countries, Abdalla El-Badri, had called on producers from outside the group to assist in braking the glut of oil around the world.

Figures showing a 5.6% drop in Chinese diesel use in December and gasoline use at its lowest in two years were seen by some as adding to Monday´s decline in prices.

As of 18:48GMT front month Brent crude futures were off by 4.1% to $30.92 per barrel on the ICE.