Oil prices are sliding to open the week after weekend Saudi price cuts

Author: Eamonn Sheridan | Category: News

Saudi Arabia reduced its crude prices for destinations in Asia over the weekend.

State oil Saudi Aramco will cut October prices for all crude grades sold to Asia by at least $1 a barrel. 

Analysts say cuts were expected, but not by this much. Its being taken as signal of plenty of supply available and is thus weighing on the price in the session Monday Asia time. Oil was already under pressure due to the weaker than expected jobs numbers from the US on Friday (NFP). 

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