Oil skids after Saudi cuts prices, China slows imports

Oil skids after Saudi cuts prices, China slows imports

Oil skids after Saudi cuts prices, China slows imports

2 hours ago

Picture used for illustrative purpose. File

Oil prices were trading down more than 1% on Monday after hitting their lowest since July, as Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months and optimism about demand recovery cooled amid the pandemic.

Brent crude was at $42.11 a barrel, down 55 cents or 1.3% by 0642 GMT, after earlier sliding to $41.51, the lowest since July 30. US West Texas Intermediate crude skidded 64 cents, or 1.6%, to $39.13 a barrel after earlier dropping to $38.55, the lowest since July 10.

The world remains awash with crude and fuel despite supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, and