| U.S. oil prices tumbled to a fresh two-year low Monday on news that Saudi Arabia cut its selling price for oil to the U.S., suggesting that the kingdom is trying to compete with U.S. shale oil. Saudi Arabia raised the prices for its oil in other locations, including Asia, where the country has cut its prices for four straight months.
When the Saudis sharply cut their November selling prices at the beginning of October, oil prices weakened, as the market interpreted the lower prices as a signal that Saudi Arabia was more concerned with maintaining market share than with cutting production to keep prices high...............................................Full Article: Source
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