Oil slides after Saudi price cuts hit five-month high
Global oversupply causes refiners to reduce fuel output as optimism about demand recovery cools
07 September 2020 - 08:02
Singapore — Oil prices dropped more than 1% on Monday after earlier hitting their lowest since July as Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months while optimism about demand recovery cooled amid the coronavirus pandemic.
Brent crude was at $42.21 a barrel, down 45c or 1.1% by 6.39am, after earlier sliding to $41.51, the lowest since July 30...
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