U.S. crude oil falls more than 4% as Saudi price cut heightens global demand worries
Publishing timestamp: 2024-01-08 12:45:51
Summary
The article discusses the decline in U.S. crude oil prices after Saudi Arabia slashed its prices. It mentions concerns about oversupply and weakening demand, as well as geopolitical risks in the Middle East. The market is taking the price cut as a sign of a slowing economy. Despite rising tensions, the global oil market remains well supplied. The article also raises the question of what will happen if Saudi Arabia's strategy does not work and sparks a price war.
Sentiment: MIXED
Keywords: breaking news: politics, business, oil and gas, wti crude (mar'23), brent crude oil (dec'20), business news, saudi arabia, energy, breaking news: business,