Oil prices dropped more than a percent on September 7 after earlier hitting their lowest since July as Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months while optimism about demand recovery cooled amid the coronavirus pandemic. Asia is Saudi Arabia's largest market by region.
The world remained awash with crude and fuel supplies despite OPEC+ supply cuts and government efforts to stimulate the global economy and oil demand, forcing refiners to rein in output and producers to make deep price cuts again.
Oil is also under pressure as US companies increase their drilling for new supply after the recent recovery in oil prices. So, where is oil headed now? And what is the outlook on black gold going forward? Find out in this edition of 3 Point Analysis.
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