Oil price falls after Saudi cuts prices, China slows imports

Brent crude was trading at US$42.03 a barrel, down 63 cents or 1.5%, by 1555 GMT, after earlier sliding to $41.51, its lowest since July 30. West Texas Intermediate U.S. crude fell 67 cents, or 1.7%, to $39.10 per barrel after hitting $38.55, its lowest since July 10

LONDON: Oil prices fell on Monday after Saudi Arabia made its deepest monthly price cuts to supply for Asia in five months and as uncertainty over Chinese demand clouds the market's recovery.

Brent crude was trading at US$42.03 a barrel, down 63 cents or 1.5%, by 1555 GMT, after earlier sliding to $41.51, its lowest since July 30.