Cost of oil drops after Saudi Arabia slashes prices
The price of oil fell sharply after Saudi Arabia cut its own prices, countering concerns of supply constraints that might arise from political unrest in the Middle East.
Saudi Arabia, a key exporting nation, reduced the February official selling price of its Arab light crude to Asia to the lowest level in just over two years, amid rising supplies and competition with other producers.
The price of Brent crude, the international benchmark, fell by 3.8 per cent to $75.70, the biggest one-day decline in almost a month. West Texas intermediate dipped by 4.4 per cent to $70.50.
Oil output from the Opec+ group of oil-producing countries rose in December as increased production in Iraq, Angola and Nigeria offset sustained reductions from Saudi Arabia and other
