Oil Prices Slip as Saudi Arabia Cuts Prices and China’s Covid-19 Lockdowns Intensify

Oil prices declined Monday after Saudi Arabia, the biggest exporter, reduced prices for Asia and the northwest of Europe.

Tighter lockdowns in China to prevent the spread of new Covid-19 outbreaks, as well as signs of a broader global economic slowdown, also weighed on prices.

Brent crude, the international standard, traded down 0.7% at $111.56…