Oil falls after Saudi cuts prices, China slows imports

Oil falls after Saudi cuts prices, China slows imports

LONDON - Oil prices fell on Monday as Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months and uncertainty over China's oil demand cloud oil markets' recovery.Brent crude was at $42.04 a barrel, down 62 cents or 1.4% by 0859 GMT, after earlier sliding to $41.51, the lowest since July 30.U.S. West Texas Intermediate crude skidded 63 cents, or 1.6%, to $39.14 a barrel after earlier dropping to $38.55, the lowest since July 10.The world's top oil exporter Saudi Arabia cut the October official selling price for Arab Light crude it sells to Asia by the most since May, indicating demand remains weak. Asia is Saudi Arabia's largest market by region. "The mood has turned somewhat pessimistic in the second half of last week