"Global Oil Prices Plummet 4% Amid Saudi Price Cuts and Demand Concerns"

Oil prices declined after Saudi Arabia cut official selling prices for all regions, with West Texas Intermediate experiencing its biggest drop in almost two months, settling below $71 a barrel. The move by state producer Saudi Aramco to lower its flagship Arab Light price to Asia by $2 a barrel, more than expected, reflects persistent weakness in the global market, with pricing at its lowest since November 2021.