Oil prices fell more than 1% on Monday after Saudi Aramco announced it was cutting crude prices for all regions.
The company said in a statement on Sunday that it will cut prices for Asia, the Gulf Coast, Northwest Europe and the Mediterranean by between $1.5 and $2 per barrel due to weak crude prices around the world and increased production from non-OPEC countries.
The lower crude prices have affected oil more negatively than the positive gained last week due to concerns associated with escalating geopolitical tensions in the Middle East.
