TOKYO – Oil prices were wobbly on Tuesday as investors grappled with demand concerns after Saudi Arabia’s sharp cuts to crude contract prices for Asia.
Brent crude futures for November rose 4 cents, or 0.1 percent, to $72.26 a barrel after falling 39 cents on Monday.
US West Texas Intermediate crude for October was at $68.88 a barrel, down 41 cents, or 0.6 percent, from Friday’s close, with no settlement price for Monday due to Labor Day holiday in the United States.
Demand woes were in the news again after state oil group Saudi Aramco notified customers that it will cut October official selling prices (OSPs) for all crude grades sold to Asia by at least $1 a barrel.
The deep price cuts, a sign that consumption in the world’s top-importing region remains tepid, come as lockdowns across Asia to combat the delta variant of the coronavirus have clouded the economic outlook.
