NEW YORK (Reuters) – Oil prices fell on Monday after Saudi Arabia’s sharp cuts to crude contract prices for Asia revived concerns over the demand outlook. The price cuts were larger than expected, based on a Reuters poll of Asian refiners. “When the Saudi giant cuts its selling prices to Asia for October, signaling it sees the supply-demand relationship slightly shifting, traders can’t but follow down that path today,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. About 1.5 million barrels per day of oil production in the Gulf of Mexico remain shut in after Hurricane Ida, the Bureau of Safety and Environmental Enforcement said on Monday. The oil rig count last week fell the most since June 2020.

Source: MetroXpress September 06, 2021 11:19 UTC