Reuters

Oil extends losses after deep Saudi price cuts signal demand concerns

Oil prices extended losses on Monday, falling more than 1%, after the world’s top exporter Saudi Arabia slashed crude prices for Asia over the weekend, signalling demand concerns and that global markets are well supplied. Brent crude futures for November fell 90 cents, or 1.2%, to $71.71 a barrel by 0250 GMT while U.S. West Texas Intermediate crude for October was at $68.45 a barrel, down 84 cents, or 1.2%. 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.

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