Crude oil futures ended lower on Monday after Saudi Arabia cut prices for its Asian customers and demand worries lingered following last week’s weaker-than-expected US jobs data. State oil company Saudi Aramco has cut its October official selling prices (OSP) for all grades delivering to Asia, while keeping prices unchanged for the U.S. and Europe. Arab Light crude for delivery to Asia was slashed to a premium of $1.70 per barrel from $3 in September. The larger-than-expected cut for Asia was driven by several factors, including the weak recovery in the region's oil demand, the easing of OPEC+ output restrictions and a Saudi desire to regain market share.
In electronic trading, crude oil futures for October fell 82 cents or 1.2 percent to settle $68.47 barrel on the New York Mercantile Exchange. November Brent crude lost 83 cents or 1.1% percent to settle at $71.76 a barrel on London's Intercontinental Exchange.