Oil prices dropped sharply on Monday as Saudi Arabia’s decision to cut its official selling price for oil exports in February overshadowed heightened tensions in the Middle East.
Brent crude, the international oil benchmark, fell 3.9 per cent to $75.70 a barrel after Riyadh over the weekend lowered its official selling prices. The equivalent US benchmark fell 4.7 per cent to $70.37 a barrel.
The Saudi decision to cut the price of oil exported to Asia by $2 a barrel, was taken by investors as a signal that the world’s biggest exporter may be struggling to sell all of its production.
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