Oil prices tanked today as Saudi Arabia cut its sale price. On Sunday, rising supply and competition from rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. “That’s raising concerns about demand in China and global demand as well,” Price Futures Group analyst Phil Flynn said. “The stock market is off to a weak start this year and this news from Saudi Arabia has caused the bottom to fall out.” U.S. Secretary of State Antony Blinken held more talks with Arab leaders on Monday as part of a diplomatic push to stop the war in Gaza from spreading further. WTI traded up $3.04 or 4.1% to close at $70.77. Brent traded down $2.64 or -3.4% to close at $76.12