Angus Berwick and Bob Henderson of The Wall Street Journal are reporting that “oil fell Monday after Saudi Arabia slashed its crude prices for all regions, a sign the kingdom sees lower global demand.” They write:
Most actively traded futures contracts for Brent crude oil, the international pricing benchmark, fell 3.4% to $76.12 per barrel, while West Texas Intermediate slid 4.1% to $70.77. Shares of oil majors Exxon-Mobil and Chevron dropped 1.7% and 0.6%, respectively. […]
“This likely sets up a contentious OPEC+ meeting tentatively scheduled for the 1st of February,” the note said.
Read more here.
