Bangkok Post – Oil down more than 1% as Saudi price cuts offset Mideast worries

NEW DELHI – Oil prices fell by more than 1% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in Opec output, offsetting worries about escalating geopolitical tension in the Middle East.

Brent crude slipped 1.09%, or 86 cents, to US$77.90 a barrel in early trading, while US West Texas Intermediate crude futures shed 1.15%, or 85 cents, to $72.96 a barrel.

“Saudi Aramco slashing its February OSPs bolsters the weak demand narrative,”…