NEW YORK: Oil prices fell on Monday after Saudi Arabia's sharp cuts to crude contract prices for Asia revived concerns over the demand outlook. Brent crude futures fell 39 cents to settle at US$72.22 a barrel. The price cuts were larger than expected, based on a Reuters poll of Asian refiners. About 1.5 million barrels per day of oil production in the Gulf of Mexico remain shut in after Hurricane Ida, the Bureau of Safety and Environmental Enforcement said on Monday. The oil rig count last week fell the most since June 2020- Reuters

Source: The Star September 06, 2021 22:30 UTC