Oil Slides as Saudi Price Cuts Counter Middle East Worries

Oil Slides as Saudi Price Cuts Counter Middle East Worries
The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France, on March 28, 2019. Christian Hartmann/Reuters
Reuters
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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.