Oil Extends Drop After Saudi Price Cuts Underscore Demand Fall

finance.yahoo.com/news/oil-extends-retreat-below-40-221055675.html

(Bloomberg) — Oil extended its retreat below $40 a barrel after Saudi Arabia cut pricing for October crude sales, as demand struggles to fully recover from the coronavirus outbreak.

Futures in New York dropped 1.7% after Saudi Aramco reduced its key Arab Light grade by a larger-than-expected amount for shipments to Asia in a sign that fuel demand in the largest oil-importing region is wavering. The company also lowered prices to the U.S. for the first time in six months.