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International benchmarks for crude oil ended the first trading session of the week with sharp decreases after Saudi Arabia slashed the official selling price to Asia for February loading by $2/barrel. The price decision imbued fear into the market over the demand outlook in China as well as globally. 

Brent fell $2.64/barrel or 3.4% to settle at $76.12/barrel.

WTI plunged $3.04/barrel or 4.1% to close at $70.77/barrel.

Investors temporarily put aside the supply disruption in Libya and the shipping issues in the Red Sea.