Oil down after deep Saudi price cuts spur demand concerns | Reuters
Oil prices fell 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 49 cents, or 0.67%, to $72.12 per barrel by 1042 GMT.
U.S. West Texas Intermediate crude for October was at $68.82 a barrel, down 47 cents, or 0.68%. Both contracts were down over $1 in earlier trade.
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.
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