Oil companies decline tracking crude price weakness
** Shares of US oil and gas companies fall premarket, tracking lower crude prices
** Brent LCOc1 crude futures were down 1.42% at $72.42 a barrel, while U.S. West Texas Intermediate crude CLc1 fell 1.41% to $68.71 per barrel as of 0544 EST
** Oil prices slumped on news Saudi Arabia, the world's biggest crude exporter, will give up on its price target in preparation for raising output O/R
** "Investors saw Saudi Arabia's move as a sign that the kingdom is preparing for a period of lower prices... There is a decent chance for the bears to stay in charge for a while longer," says Charalampos Pissouros, senior investment analyst at brokerage XM
** Oil majors Exxon Mobil XOM.N and Chevron CVX.N decline 1.2% and 1%, respectively
** Oil and gas producers ConocoPhillips COP.N, Occidental Petroleum OXY.N, APA Corp and Devon Energy DVN.N fall between 0.7% and 1.1%
** Top oilfield services firms SLB SLB.N, Halliburton HAL.N and Baker Hughes BKR.O down between 1% and 1.7%
Reporting by Arunima Kumar in Bengaluru
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