Oil prices down after deep Saudi price cuts spur demand concerns
Oil prices fell on Monday, extending losses after the world’s top exporter Saudi Arabia slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand.
Brent crude futures for November fell 66 cents, or 0.91%, to $71.95 per barrel by 0930 GMT.
U.S. West Texas Intermediate crude for October was at $68.69 a barrel, down 60 cents, or 0.87%. Both contracts were down over $1 in earlier trade.
State oil giant Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel.
