Oil prices were tracking a selloff across global assets on Monday, as fresh data out of China cast further doubts on global economic strength.
Crude tracked a selloff in global assets on Monday, with the commodity pressured as Saudi Arabia slashed cut prices for Asian customers and elsewhere, and China reported sharply weaker export data.
Price action Market drivers Saudi Arabian oil company Saudi Aramco said Sunday that it reduced oil prices of all types of crude for Europe, Asia, Europe and the Mediterranean for June. The biggest cuts were seen in the Mediterranean. U.S. prices were unchanged. The markets brushed aside news that G-7 countries agreed on the weekend on a gradual import ban for Russian oil, as that country’s forces continued to bear down on Ukraine.
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