Brent crude futures declined more than 1% to trade around $71.7 per barrel on Monday, after state oil giant Saudi Aramco notified customers in a statement on Sunday that it would cut October official selling prices (OSPs) for Asia by at least $1 a barrel. The price cuts were larger than expected, signaling softer demand and potentially higher supply. Elsewhere, concerns over slower fuel demand in the US mounted due to the COVID-19 resurgence and as weak jobs data pointed to a slowdown in labor market recovery. Investors also weighed the impact of Hurricane Ida on the US Gulf Coast production and the OPEC+ decision to stick to the plan to add 400,00 barrels per day back to the market each month until the end of December.
