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Oil fell Monday after Saudi Arabia slashed its crude prices for all regions, a sign the kingdom sees lower global demand.
Most actively traded futures contracts for Brent crude oil, the international pricing benchmark, fell more than 3% to under $77 per barrel, while West Texas Intermediate slid 3.5% to below $72. Shares in large European-listed oil producers fell.
Both futures contracts rose about 2% last week on growing concerns of a widening conflict in the Middle East. The Houthi Yemeni rebel group has continued to attack international shipping passing through the Red Sea, while Israel’s war with Hamas is threatening to spill into Lebanon.
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