Oil continues to fall after Saudi price cut

7 Sep 2020 12:35 PM

Oil prices have resumed their fall at the beginning of the week, heading below $40 a barrel after Saudi Arabia reduced crude oil sales for October.

Oil futures contracts fell in the Asian session by 1.3% after Saudi Aramco reduced its crude oil production for next June by about one million barrels per day - in addition to the reduction that Saudi Arabia committed to in April’s OPEC+ deal.

WTI fell by 7.5% over the past week, its biggest weekly loss since June, as fears persist about declining global demand.

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