Oil price falls after Saudi price cuts

Brent crude futures fell 39 cents to settle at US$72.22 a barrel. U.S. West Texas Intermediate crude were last down 40 cents at $68.89 a barrel.

NEW YORK: Oil prices fell on Monday after Saudi Arabia's sharp cuts to crude contract prices for Asia revived concerns over the demand outlook.

Brent crude futures fell 39 cents to settle at US$72.22 a barrel. U.S. West Texas Intermediate crude were last down 40 cents at $68.89 a barrel.