"Saudi Price Cuts Drive Oil Down Over 1% Despite Mid-East Concerns"

Oil prices fell over 1% due to Saudi Arabia's sharp price cuts and increased OPEC output, despite concerns about escalating geopolitical tensions in the Middle East. Saudi Aramco slashed its February official selling price (OSP) for its flagship Arab Light crude to Asia to the lowest level in 27 months, while OPEC output rose by 70,000 barrels per day in December. Geopolitical worries in the Middle East, including attacks by Yemeni Houthis and statements from U.S. Secretary of State Antony Blinken and Israeli Prime Minister Benjamin Netanyahu, provided some upward pressure on prices.