Oil falls after Saudi cuts prices, China slows imports - Reuters:
Oil prices fell on Monday after Saudi Arabia made its deepest monthly price cuts to supply for Asia in five months and as uncertainty over Chinese demand clouds the market’s recovery.
Brent crude LCOc1 was trading at $42.03 a barrel, down 63 cents or 1.5%, by 1555 GMT, after earlier sliding to $41.51, its lowest since July 30.
West Texas Intermediate U.S. crude CLc1 fell 67 cents, or 1.7%, to $39.10 per barrel after hitting $38.55, its lowest since July 10.
“The mood has turned somewhat pessimistic in the second half of last week and the immediate risk is skewed to the downside,” said oil broker PVM’s Tamas Varga.
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