Global oil prices fell by more than one percent on Monday, January 8, after Saudi Arabia cut its crude oil prices to buyers on all its export destinations for February.
The price of Brent crude fell to 77.88 dollars a barrel, and West Texas Intermediate crude fell to 72.91 percent a barrel
This comes despite rising tensions in the Red Sea and supply disruptions in Libya.
On Sunday, January 7, Saudi Aramco reduced the official selling price of February-loading Arab Light to Asia by 2 dollars a barrel from January to 1.50 dollars a barrel over Oman/Dubai quotes.