Oil prices fell by more than 2% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East.
Brent crude slid 2.2%, or $1.74, to $77.02 a barrel by 1024 GMT while U.S. West Texas Intermediate crude futures shed 2.3%, or $1.73, to $72.08.
Both contracts climbed more than 2% in the first week of 2024 on intensifying geopolitical risk in the Middle East after attacks by Yemeni Houthis on ships in the Red Sea.
