Oil skids after Saudi cuts prices, China slows imports - Reuters:
Oil prices were trading down more than 1% on Monday after hitting their lowest since July, as Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months and optimism about demand recovery cooled amid the pandemic.
Brent crude LCOc1 was at $42.11 a barrel, down 55 cents or 1.3% by 0642 GMT, after earlier sliding to $41.51, the lowest since July 30.
U.S. West Texas Intermediate crude CLc1 skidded 64 cents, or 1.6%, to $39.13 a barrel after earlier dropping to $38.55, the lowest since July 10.
The world remains awash with crude and fuel despite supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, and government efforts to stimulate the global economy and oil demand. Refiners have reduced their fuel output as a result, causing oil producers such as Saudi Arabia to cut prices to offset the falling crude demand.
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