LONDON—Oil prices fell by more than 2 percent on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East.
Brent crude slid 2.2 percent, or $1.74, to $77.02 a barrel by 1024 GMT while U.S. West Texas Intermediate crude futures shed 2.3 percent, or $1.73, to $72.08.
