At the beginning of this week, oil prices fell by more than 1% due to sharp price cuts from Saudi Arabia, the main exporter, and increased production from OPEC.

While West Texas Intermediate oil futures lost 1.15%, or 85 cents, to $72.96 per barrel, Brent crude slid 1.09%, or 86 cents, to $77.90 per barrel at 03:44 GMT. Vandana Hari, founder of oil market analysis provider Vanda Insights, said that “Saudi Aramco cut its selling prices in February, reinforcing the thesis of weak demand