Tue. Sep 29th, 2020

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Oil price falls after Saudi cuts rates amid demand uncertainty

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Oil prices fell on Monday as Saudi Arabia made its deepest monthly price cuts to supply for Asia in five months and uncertainty over Chinese demand clouds the market’s recovery. Brent crude was trading at $42.00 a barrel, down 66 cents, or 1.5 per cent, by 12:08 GMT, after earlier sliding to $41.51, its lowest since July 30.

West Texas Intermediate US crude skidded 59 cents, or 1.5 per cent, to $39.18 per barrel after hitting $38.55, its lowest since July 10.

“The mood has turned somewhat pessimistic in the second half of last week and the immediate risk is skewed to the downside,” said oil broker PVM’s Tamas Varga.

The world’s top oil exporter, Saudi Arabia, cut the October official selling price for Arab Light crude it sells to Asia by the most since May.

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