Crude oil futures are settling at $70.77. That is down $-3.04 or -4.12%. The low price for the day reached $70.13. The high price was at $73.95.Saudi Arabia announced that they would cut crude oil prices particularly for Arab Light Crude to Asian customers by $2 per barrel. The move is viewed as a reaction to the high U.S. crude production and weakened demand from China.Previiously, OPEC+ have reduced their production by 2.2 million barrels per day. Despite these efforts and ongoing geopolitical tensions in the Middle East, these factors have not significantly affected crude oil supplies. One problem for the cartel, is the U.S. market remains robust, with a high crude output of 13.2 million
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