Oil extended its slide below $40 a barrel after Saudi Arabia cut its pricing for oil sales in October, a sign that the world’s biggest exporter sees fuel demand wavering amid more coronavirus flare-ups around the globe.
Oil was little changed near $43 after the hurricane threat in the Gulf of Mexico eased and traders refocused on the broader outlook for demand as the coronavirus pandemic continues to hamper an economic recovery.
Oil prices climbed higher on Monday, lifted by China's plans to ship in large volumes of U.S. crude in August and September, outweighing concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.
Oil clawed back lost ground in Asia after Saudi Arabia’s state-controlled producer said it expects energy demand to improve.
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