Crude prices drop after Saudi signals on oil prices

Crude prices went down Monday after Saudi Arabia, a key oil producer, reportedly signaled that it can accept lower oil prices.

After suffering another big loss in the past week when abundant global supplies coincided with weakening demands for the crude, the oil prices continued downside move.

Saudi Arabia, the biggest oil producer of the Organization of Petroleum Exporting Countries (OPEC), said reportedly that it can accept oil prices between 80 U.S. dollars and 90 dollars a barrel, which put further selling pressure on the oil market.

However, the latest better-than-expected trade data from China limited losses for the crude market, as it pointed to growing oil demands from the leading oil consumer. Official data showed Monday that China's exports witnessed the fastest growth in 19 months, surging 15.3 percent from a year ago in September, and imports increased 7 percent year on year.

Light, sweet crude for November delivery moved down 8 cents to settle at 85.74 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery shed 1.32 dollars to close at 88.89 dollars a barrel.