U.S. crude oil falls more than 4% as Saudi price cut heightens global demand worries

News Snapshot:

An employee in a branded helmet is pictured at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. U.S. crude oil declined more than 4% on Monday after Saudi Arabia slashed its prices, raising renewed worries that the market is oversupplied at the same time as demand is weakening. The West Texas Intermediate futures contract for February lost $3.57, or 4.84%, to trade at $70.24 a barrel Monday afternoon. The Brent futures contract for March shed $3.08, or 3.91%, to $75.68 a barrel. The sell-off comes after Saudi Aramco on Sunday sharply lowered the price of Arab Light...