Oil steady as Ida outages offset Saudi price cuts | Reuters
Oil prices steadied on Monday as gains on production outages after Hurricane Ida were tempered by Saudi Arabia's sharp cuts to crude contract prices for Asia, reviving concerns over the demand outlook.
Brent crude futures fell 16 cents to $72.45 a barrel by 10:52 a.m. EDT (1452 GMT). U.S. West Texas Intermediate crude fell 12 cents to $69.17 a barrel.
Both contracts had been down by $1 in earlier trade.
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.
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