Oil prices surged to their highest level in over three years last week, and strategists have been marveling that they'd shot up so quickly. Now they're slumping. U-S crude oil futures have dropped by nearly 10 percent to trade around 66 dollars and 50 cents per barrel -- down from about 73 dollars last week. Global benchmark Brent crude oil has dropped by about 6 percent to trade around 76 dollars, after peaking above 80 last week. The sharp decline has been triggered by Saudi Arabia, the world's biggest oil exporter and de facto leader of OPEC. Energy Minister Khalid Al-Falih revealed on Friday that he was in intensive discussions with Russia and other OPEC nations to pump more oil to ease global supply concerns.
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