Oil prices fell about $1 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 98 cents, or 1.4%, to $71.63 a barrel by 0613 GMT while U.S. West Texas Intermediate crude for October was at $68.34 a barrel, down 95 cents, or 1.4%.
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. The price cuts were larger than expected, according to a Reuters poll among Asian refiners.
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