Reuters

Oil falls after Saudi price cuts

Oil prices fell on Monday after Saudi Arabia’s sharp cuts to crude contract prices for Asia revived concerns over the demand outlook. State oil group 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. “When the Saudi giant cuts its selling prices to Asia for October, signaling it sees the supply-demand relationship slightly shifting, traders can’t but follow down that path today,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.

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