"Global Oil Prices Plummet Amid Saudi Price Cuts and Demand Concerns"
TL;DR Summary
Oil prices dropped nearly 4% as Saudi Arabia cut its oil prices, signaling weaker demand ahead, overshadowing supply risks in the Red Sea and Libya's force majeure. Concerns about demand, large US oil product builds, rising OPEC production, and bearish sentiment from traders and speculators also contributed to the price decline. Additionally, the annual rebalancing of major commodity indexes could further pressure oil prices.
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