Loading…
Oil prices fell to their lowest since late July on Monday after Saudi Arabia cut prices for crude sold to Asia to counter slower demand from major consumers such as China. The kingdom cut prices for a second consecutive month, and Brent fell for a fourth straight day, its longest slide since April's price crash.
Saudi price cuts and weaker Chinese demand point to a softer energy complex, lowering diesel and fuel costs that feed into freight and processing margins. The move is a routine price decline with no supply shock.
markets.businessinsider.comShalini NagarajanSep 7, 2020Not 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.
Saudi price cuts to Asia for a second month and a fourth straight daily Brent decline show demand-driven selling on the day of the move.
Prior-day weakness from the Saudi price cut and slower Chinese demand built the downward momentum that continued into Sept 8.
