# Oil slides as Saudi price cuts counter Middle East worries | Reuters

> 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.

- Date: 2024-01-08 · published 2024-01-08T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/32280-oil-slides-as-saudi-price-cuts-counter-middle-east-worries-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-slips-higher-opec-supply-saudi-price-cuts-offset-mideast-worries-2024-01-08/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.