Page 25 - Arab Light News Today : Breaking News, Live Updates & Top Stories | Vimarsana

(Bloomberg) -- Oil dropped after Saudi Arabia cut official selling prices for all regions, underscoring a worsening outlook and outweighing concern over Red Sea tensions and supply disruptions in Libya.Most Read from BloombergMusk’s Drug Use Concerns Tesla, SpaceX Leaders, WSJ SaysBoeing Max Grounding Goes Global as Carriers Follow FAA OrderBoeing 737 Max Blowout Points to Pervasive FlawsGlobal benchmark Brent fell to below $78 a barrel after rising by 2.2% last week, with West Texas Intermediat

NEW DELHI :Oil prices fell by more than 1 per cent 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 per cent, or 86 cents, to $77.90 a barrel by 0344 GMT, while U.S. West T

International Business News: Oil prices fall due to Saudi Arabia's price cuts and increased OPEC output. Geopolitical tension in the Middle East is a concern but has limited downs

Saudi Aramco on Sunday cut OSP (official selling price) of flagship Arab Light crude for Asia to their lowest in 27 months - a move that can work well for India if it prompts oil to slide further to boost prospects of cheaper fuel for consumers and keep the energy import bill from bloating. Aramco slashed the OSP by USD 2 per barrel for February shipments, marking the second consecutive reduction after USD 1.5 per barrel discount announced in December for January loading.

The West Texas Intermediate (WTI) price retraces its recent gains, trading lower near $73.00 per barrel during the Asian session on Monday.