Brent crude futures for November fell 57 cents, or 0.8%, to $72.04 a barrel by 01:01 GMT, while US West Texas Intermediate crude for October recorded $68.73 a barrel, down 56 cents, or 0.8%.
Saudi Aramco, the oil giant, notified customers in a statement on Sunday that it would reduce October prices for all types of crude sold to Asia, its largest buying region, by at least $1 a barrel.
A Reuters poll of Asian refiners indicated that the price cuts were larger than expected.
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