Oil down more than 1% as Saudi price cuts offset Mid-East worries
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