Oil Continues to Decline After Large Cuts in Saudi Crude Oil Prices to Asia

Oil prices extended their decline on Monday after Saudi Arabia, the world’s largest exporter, cut crude prices for Asia at the weekend, indicating a good supply in global markets.

Brent crude futures for November fell 57 cents, or 0.8%, to $72.04 a barrel by 01:01 GMT, while US West Texas Intermediate crude for October recorded $68.73 a barrel, down 56 cents, or 0.8%.

Saudi oil giant Aramco notified customers in a statement on Sunday that it would reduce October prices for all types of crude sold to Asia, its largest buying region, by at least $1 a barrel.

A Reuters poll of Asian refiners indicated that the price cuts were larger than expected.