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Oil drops under US$92 to 27-month low as supply glut grows (BUT Petrol Prices in Singapore Never Drop!!!) [LONDON] Oil fell by more than US$2 a barrel on Thursday to its lowest since June 2012, with benchmark Brent dropping under $92 a barrel, as price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data. Oil declined alongside European stocks as the European Central Bank left interest rates unchanged on Thursday, as expected. Investors were waiting to see the extent of an asset purchase plan, which bank chief Mario Draghi is due to discuss at a news conference due at 1230 GMT, which could inject confidence into the eurozone economy. Sharp cuts in official selling prices from state producer Saudi Aramco to Asian customers on Wednesday came as the clearest sign yet that the world's largest exporter is trying to compete for crude market share, amplified supply concerns. "This is a structural change in the oil market, with Saudi Arabia explicitly stating that they are willing to compete on price," said Bjarne Schieldrop, chief commodities analyst at SEB in Oslo. "I think Brent will fall below US$88 before we see the bottom of the market." Brent oil for November delivery was down US$1.76 at US$92.40 a barrel by 1156 GMT. It earlier hit US$91.55, its lowest since June 2012.