Crude Oil Falls as Saudi Price Cut Hints at Weak Asian Demand By Investing.com – Investing.com

Crude Oil Falls as Saudi Price Cut Hints at Weak Asian Demand By Investing.com – Investing.com

By Geoffrey Smith 

Investing.com -- Crude oil prices were broadly lower by midday in Europe on Monday, as a price cut by Saudi Arabia to its key markets in Asia suggested ongoing weakness in demand among the world's biggest importers.

The news came hard on the heels of a big miss in U.S. employment gains on Friday that cast doubt over the strength of the U.S. economy, just as demand dynamics in North America are weakening due to the end of summer. Commodity Futures Trading Commission data on Friday showed that bullish sentiment toward crude waned again last week, with net speculative long positions held by money managers falling to their lowest since October 2019.