"Global Demand Concerns Trigger 4% Drop in Oil Prices After Saudi Price Cut"

U.S. crude oil prices fell 4% after Saudi Arabia cut its prices, raising concerns about oversupply and weakening demand. The market is grappling with record U.S. crude production, softening demand in China, and geopolitical tensions in the Middle East. Despite rising tensions, the global oil market remains well supplied, with the U.S. pumping an estimated 13.2 million barrels per day and increasing crude exports. Saudi Arabia's price cut is seen as an attempt to maintain market share and undercut competitors, but there are concerns that it could lead to a price war if unsuccessful.