Oil falls after Saudi price cuts | Reuters
Oil prices fell on Monday after Saudi Arabia's sharp cuts to crude contract prices for Asia revived concerns over the demand outlook.
Brent crude futures fell 39 cents to settle at $72.22 a barrel. U.S. West Texas Intermediate crude were last down 40 cents at $68.89 a barrel.
State oil group 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.
The price cuts were larger than expected, based on a Reuters poll of Asian refiners. read more
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