Oil continues to decline after large cuts in Saudi crude prices for Asia

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Oil prices continued their decline on Monday after Saudi Arabia cut; The world’s largest exporter, crude prices for Asia at the weekend, indicating a good supply in global markets.

Brent crude futures for November fell 57 cents, or 0.8 percent, to $72.04 a barrel by 01:01 GMT, while US West Texas Intermediate crude for October recorded $68.73 a barrel, down 56 cents, or 0.8 percent.

Oil giant Saudi Aramco notified customers in a statement on Sunday that it would reduce October prices for all types of crude sold to Asia, its largest buying region, by at least $1 a barrel.

A Reuters poll of Asian refiners indicated that the price cuts were larger than expected.

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