• Oil dropped after Saudi Arabia cut official selling prices for all regions, underscoring a worsening global outlook and outweighing concern over Red Sea tensions and supply disruptions in Libya.
• Global benchmark Brent fell below $78 a barrel after rising by 2.2% last week, with West Texas Intermediate under $73. State producer Saudi Aramco lowered its flagship Arab Light price to Asia by a more-than-expected $2 a barrel due to persistent weakness in the global crude market.
• The softness in crude prices came alongside widespread weakness in Asian equities at the start of the week, while the US dollar held its ground.