Oil extended losses after Saudi Arabia slashed crude prices for Asian buyers, raising the prospect of fierce competition among sellers as the resurgence of Covid-19 continues to cloud the demand outlook. (Bloomberg) — Oil extended losses after Saudi Arabia slashed crude prices for Asian buyers, raising the prospect of fierce competition among sellers as the resurgence of Covid-19 continues to cloud the demand outlook. Futures in New York dropped below $69 a barrel after falling 1% on Friday. The kingdom cut the price of its flagship crude for October by more than double the expected amount just days after OPEC+ agreed to continue boosting production. Traders were caught off guard by the Saudi move, attributing it to factors including increased competition and a desire to retain market share. “The level of cuts in Saudi OSPs for Asia was a surprise, and it does not send a great signal to […]