Oil tumbles for 4th day as the world’s biggest exporter slashes prices, and investors turn increasingly bearish on the demand outlook

Oil tumbles for 4th day as the world’s biggest exporter slashes prices, and investors turn increasingly bearish on the demand outlook

Beawiharta Beawiharta/Reuters

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Oil futures fell on Monday, in their longest slide since April, as Saudi Arabia made deep price cuts for Asia-bound crude to help stir demand.

COVID-19 vaccine contender Moderna said it would slow down its trial enrollment to ensure sufficient representation of minorities more at risk of contracting the virus.

Money managers have turned increasingly bearish on energy contracts in the week to September 1, according to data from Saxo Group.

Among energy contracts, Brent crude and New York Harbor diesel oil led net selling positions by money managers until the start of September.

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Oil prices tumbled to their lowest since late July on Monday, as Saudi Arabia cut prices for sales of its crude to Asia to counter slower demand among some of the