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Rich Asplund

Crude Closes Sharply Lower as Saudi Price Cuts Signal Weak Energy Demand

Oil OPEC Red Sea United States Saudi Arabia Vortexa

February WTI crude oil (CLG24) on Monday closed down -3.04 (-4.12%), and Feb RBOB gasoline (RBG24) closed down -7.77 (-3.69%).

Crude oil and gasoline prices on Monday sold off sharply, with gasoline falling to a 3-1/2 week low. Concern that global oil demand is worsening is undercutting crude prices after Saudi Arabia cut the official selling prices for its crude for all customers. Crude prices also fell on a report from ShippingWatch that said some shipping firms made a deal with Houthi rebels to get their vessels safely through the Red Sea, which could alleviate supply disruptions.

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