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Oil Extends Slump as Saudis Slash Prices and Tariff Risks Mount

Bloomberg · last updated

Oil fell at the week’s open after Saudi Arabia slashed its flagship crude price by the most in more than two years, and the escalating trade war spurred concerns about a global recession and weaker energy demand.

Global benchmark Brent dropped 2.3% to $64.06 a barrel after slumping 11% last week to touch a four-year low, while West Texas Intermediate was at $60.44 a barrel. State producer Saudi Aramco will lower Arab Light crude to its biggest buyers in Asia by $2.30 a barrel for May. The move came just days after the OPEC+ alliance announced an unexpectedly large output hike.

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