WTI (futures on Nymex) extended last week’s sell-off and hit a fresh two-month lows of $38.57 in early Asia before recovering $1 to the $39.50 region.
The bulls, however, lacked follow-through, leaving the black gold to consolidate around the 39 level thereafter. At the press time, the US oil is down 1.60% to trade at $39.10.
The renewed selling in the commodity was mainly driven by the news that Saudi Arabia made the deepest monthly crude oil price cuts for its Asian customers.


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