UK oil companies fall tracking decline in crude prices
** Shares of British oil majors Shell SHEL.L and BP BP.L drop 4% and 4.6%, respectively, tracking weaker crude prices
** BP, Shell among top pct losers on the blue-chip FTSE 100 .FTSE index
** Brent LCOc1 crude futures down 2.42% at $71.68/bbl, while U.S. West Texas Intermediate crude CLc1 2.45% lower at $67.98/bbl as of 0714 GMT O/R
** Oil prices dropped as news of top exporter Saudi Arabia giving up its crude oil price target in preparation for expanded production weighed on the market
** "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
** The largest British North Sea oil and gas producer Harbour Energy HBR.L shed 2.4% to 262.30p
** Shares of I3 Energy I3E.L, Ithaca Energy ITH.L, Tullow Oil TLW.L and Chariot Ltd CHARC.L slip between 1.2% and 2.3%
Reporting by Arunima Kumar in Bengaluru
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