Oil extended losses after Saudi Arabia cut 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. Oil extended losses after Saudi Arabia cut 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 fell 0.6% to below $69 a barrel. The kingdom cut the price of its flagship crude for October 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 Saudis cut the price to Asia by more than expected,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “This obviously raises speculation whether they’re looking for market share or […]