Oil extends losses after deep Saudi price cuts

Oil rig pumpjacks extract crude from the Wilmington Field oil deposits. (Reuters photo)

SULAIMANI (ESTA) — Oil prices extended losses on Monday, after the world’s top exporter Saudi Arabia slashed crude prices for Asia over the weekend.

Brent crude futures fell 82 cents to $71.79 a barrel by 0656 GMT while U.S. Texas Intermediate (WTI) crude was at $68.49 per barrel, down 80 cents.

State oil giant Saudi Aramco notified customers in a statement on Sunday that it would cut October official selling prices (OSPs) for all crude grades sold to Asia by at least $1 a barrel, according to Reuters.

“The OSPs to Asia are bearish, signaling softer demand and potentially higher supply,” Reuters quoted Energy Aspects analyst Virendra Chauchan as saying.

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