US crude oil prices were hammered to start the trading week, undermined by news major exporter Saudi Arabia has reduced the price for benchmark Arab Light crude to Asia by $2 a barrel for February delivery, a larger cut than expected leaving prices at the lowest level since November 2021. The downdraft for crude futures was immediate, resulting in the front-month contract tumbling back to key support at the 200-week moving average. Based on its track record around this level, it cannot be stressed how important its near-term price performance may end up being for prices over the longer-term. One look the weekly chart ... (full story)