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Oil wobbles as demand woes stalk market after Saudi price cuts

07 September 2021 08:38 (UTC +04:00)

Oil prices were wobbly on Monday as investors grappled with demand concerns after Saudi Arabia's sharp cuts to crude contract prices for Asia, APA reports quoting Reuters.

Brent crude futures for November rose 4 cents, or 0.1%, to $72.26 a barrel by 0056 GMT, after falling 39 cents on Monday.

U.S. West Texas Intermediate crude for October was at $68.88 a barrel, down 41 cents, or 0.6%, from Friday's close, with no settlement price for Monday due to Labor Day holiday in the United States.

Demand woes were in the news again after state oil group Saudi Aramco notified customers that it will cut October official selling prices (OSPs) for all crude grades sold to Asia by at least $1 a barrel.