Oil slides as Saudi price cuts counter Middle East worries

Oil prices fell over 2% due to Saudi Arabia's price cuts and rising OPEC output. Geopolitical tension in the Middle East raised supply concerns. Brent crude slid to $77.02 a barrel, and US West Texas Intermediate crude futures dropped to $72.08. Yemeni Houthis' attacks on ships in the Red Sea increased the risk. Saudi Arabia cut its Arab Light crude price to Asia to the lowest level in 27 months. OPEC oil output rose in December, offsetting cuts by Saudi Arabia and other OPEC+ members.