NEW YORK: Oil futures tumbled on Tuesday, with Brent dropping below U$$40 (RM166.64) a barrel for the first time since June and US crude off more than...
Oil futures tumbled on Tuesday, with Brent dropping below U$$40 a barrel for the first time since June and US crude off more than 8%, after Saudi Arabia cut its October selling prices amid a flare-up of coronavirus cases around the world.
Both oil benchmarks have dropped below the ranges they were trading in throughout August. Brent is falling for a fifth day and has lost more than 10% since the end of August. "The Saudi price cuts announced Sunday made WTI unattractive to Asian buyers," said Colorado-based energy analyst Phil Verleger of PK Verleger LLC.
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