Oil Prices Drop Over 3% on Demand Worries Despite OPEC+ Cuts
• Oil prices dropped over 3% on Monday, giving up last week's gains, on signs of weakening physical oil market demand
• Saudi Arabia made deeper than expected oil price cuts, with other Middle East producers also reducing prices
• Speculators made one of their largest bearish bets in years that oil prices will fall further
• Oil remains range-bound, with demand worries offsetting OPEC+ cuts and Middle East tensions
• EIA will release oil production forecasts Tuesday, after US supply hit a record high in 2022