Oil drops more than $1 after Saudi price cuts, demand optimism fades

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The world remained awash with crude and fuel supplies despite OPEC+ supply cuts and efforts to stimulate the global economy and oil demand.

Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July.

Brent crude was at $41.75 a barrel, down 91 cents or 2.1 per cent by 0000 GMT, after it earlier slid to $41.51, its lowest since July 30.Front-month prices initially hit a low of $38.55 a barrel, a level not seen since July 10.

Source: Financial Digest (financialdigest.net)

 

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