Crude prices fall after Saudi Arabia makes deep cuts to Asian prices
Oil prices came under renewed pressure on Monday, after Saudi Arabia cut prices for its Asian customers and demand worries lingered following last week’s weaker-than-expected U.S. jobs data.
Global benchmark Brent crude BRNX21, -0.76% BRN00, -0.76% fell 83 cents, or 1.1%, to $71.76 a barrel. Brent declined 0.6% to $72.61 a barrel on Friday, but was up 1.3% for the week. The Asian price cuts were bigger than expected, according to Jeffrey Halley, senior market analyst at OANDA. “Given that OPEC+ is continuing its plan to raise production monthly, despite weak data from China and the U.S. raising slowdown fears, and Saudi Arabia looking for market share in the region, oil is likely to remain under pressure,” said Halley.
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