Oil falls $1 after deep Saudi price cuts spur demand concerns

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Oil prices fell about $1 on Monday, extending losses after the world’s top exporter Saudi Arabia slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand.

Brent crude futures for November fell 98 cents to $71.63 a barrel while U.S. West Texas Intermediate crude for October was at $68.34 a barrel, down 95 cents.

State oil giant Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel.

Global oil supplies are increasing as the Organization of the Petroleum Exporting Countries and their allies, a grouping known as OPEC+, is raising output by 400,000 barrels per day a month between August and December




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