Oil Prices Slump by 4% As Demand Concerns Trump Supply Risks

Oil prices plunged by nearly 4% early on Monday after Saudi Arabia signaled potentially weaker demand ahead by cutting the price of its oil across the board.  As of 9:22 a.m. ET on Monday, the U.S. benchmark, WTI Crude, was down by 3.75% to $70.83. The international benchmark, Brent Crude, had slumped by 3.53% on the day, at $75.87. The move lower was triggered by Saudi Arabia, the world’s top crude oil exporter, which cut the official selling prices (OSPs) for its crude loading in February to all regions. The cut…