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Oil Falls as Saudi Price Cuts Highlight Softer Market
Oil Falls as Saudi Price Cuts Highlight Softer Market by Bloomberg|Julia Fanzeres and Alex Longley|Monday, January 08, 2024 Share submit to reddit email print Oil declined after Saudi Arabia cut official selling prices for all regions, the latest sign that fundamentals are worsening. West Texas Intermediate tumbled 4.1%, the biggest drop in almost two months, to settle below $71 a barrel. State producer Saudi Aramco lowered its flagship Arab Light price to Asia by $2 a barrel — more than expected — due to persistent weakness in the global market. Its pricing is the lowest since November 2021. Prices were also ... (full story)