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Oil fell more than 2% on Monday after Saudi Arabia cut prices sharply and OPEC output rose, offsetting Middle East supply concerns. Brent slid to $77.02 and WTI to $72.08.
Saudi price cuts and rising OPEC output signal a more supplied market, lowering energy costs. Lower crude weighs on biofuel-linked vegetable oil values and freight fuel costs.
reuters.comNatalie GroverJan 8, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
