Oil extended its retreat below $40 a barrel after Saudi Arabia cut pricing for October crude sales as the summer driving season winds down with many countries still struggling to control the coronavirus. (Bloomberg) — Oil extended its retreat below $40 a barrel after Saudi Arabia cut pricing for October crude sales as the summer driving season winds down with many countries still struggling to control the coronavirus. Futures in New York dropped 1.5% in Asian trading after Saudi Aramco reduced its key Arab Light grade by a larger-than-expected amount for shipments to Asia in a sign that fuel demand in the largest oil-importing region is wavering. The kingdom also lowered prices to the U.S. for the first time in six months. West Texas Intermediate, the American crude benchmark, fell 7.5% last week in its biggest loss since June amid nervousness over demand and a rout in stocks. While […]