Brent edges down towards $84 as Saudi's U.S. price cuts weigh

Brent crude fell towards $84 a barrel on Tuesday, extending losses to a fourth session after top oil exporter Saudi Arabia cut prices to the United States.

The cut hammered oil prices on Monday as it underscored Saudi efforts to fight for market share in the world's largest oil consumer while raising prices to Asia and Europe Stock Market Tips

The absence of signs that the Organization of the Petroleum Exporting Countries (OPEC) could curb output in a well supplied market also continued to weigh on sentiment.

A global supply glut along with slack demand has pushed down the oil benchmark more than 27 percent from this year's peak in June Nifty Trading Tips

Front-month Brent was down 65 cents at $84.13 a barrel by 0531 GMT. Brent dropped $1.08 on Monday, its biggest daily loss in nearly two weeks.

U.S. December crude declined 62 cents to $78.16 a barrel. It was also down for a fourth consecutive session, after hitting $78.08 on Monday, its lowest level since June 2012.

"This bold move (to cut prices) signalled Saudi Arabia's intention to fight for U.S. market share and could even show their intention to squeeze U.S. shale producers," said Daniel Ang, an investment analyst from Phillip Futures, in a note Commodity Trading Tips

"This price cut clearly reiterates the fragile state of the crude market now as major players try to survive in this oversupplied market."