Oil was down on Monday morning Asia, with investors reacting to Saudi Arabia’s massive price cuts for supply to Asia.
Brent oil futures edged down 0.12% to $42.29 by 9:54 PM ET (2:54 AM GMT) and WTI futures slid 1.01% to $39.37, falling below the $40-mark.
The kingdom’s Saudi Aramco (SE:2222) slashed October prices of its Arab Light grade of crude oil for sale in Asia over the weekend. Saudi Arabia made its biggest price cuts since May in its largest market by region, as fuel demand recovery hopes fade in one of the world’s top oil exporters over the still-ongoing COVID-19 pandemic.
The number of global COVID-19 cases continues to rise, with almost 27 million cases as of September 7, according to Johns Hopkins University data.
Miss Call Whatsapp Khushbu Garg-9719098555/8057445599
