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<Commodity Mkt>Saudi Oil Price Cut Triggers Demand Concerns; NY Oil Sets Biggest 1-Day Drop Since Nov 2023
Saudi Arabia cuts crude oil prices in all regions, including Asia's biggest market, raising concerns about the demand outlook. US oil prices fell the most in a single day since...
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<Commodity Mkt>Saudi Oil Price Cut Triggers Demand Concerns; NY Oil Sets Biggest 1-Day Drop Since Nov 2023
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Saudi Arabia cuts crude oil prices in all regions, including Asia's biggest market, raising concerns about the demand outlook. US oil prices fell the most in a single day since November.

The relative spread for Saudi Arabian crude oil will be cut by up to US$2 a barrel, signalling a drop in oil prices.

New York oil futures for February delivery fell US$3.04 or 4.1% to US$70.77, the biggest one-day dollar and percentage drop for a near-month contract since 16 November 2023.

Brent oil futures for March delivery dropped US$2.64 or 3.4% to US$76.12, the biggest one-day dollar and percentage drop since 12 December 2023.

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