Posted 1/8/2024, 4:03:00 AM
Saudi Cuts Oil Prices Amid Weak Demand and Oversupply Concerns
- Oil prices decline as Saudi Arabia cuts selling prices across all regions, responding to global crude market weaknesses
- Price cuts overshadow supply disruption concerns from conflicts in Middle East and Libya
- Oil market adjusting to first annual price decline since 2020 amid increased non-OPEC+ supplies, slowing China demand
- Saudi's $2 per barrel cut to Asia prices signals weaker sentiment; banks downgrade 2024 oil outlook
- Complex interplay between geopolitics, supply and demand dynamics to keep oil prices range-bound near-term