From Dow Jones & Company:

Oil prices took a hit on Monday after Saudi Arabia cut crude prices and surveys showed an increase in oil production by OPEC members. West Texas Intermediate crude for February delivery fell by 4.8% to $70.30 a barrel, while March Brent crude dropped 4.2% to $75.47 a barrel. Gasoline and heating oil prices also declined. State-owned producer Saudi Aramco cut its official selling price for crude, signaling weakening demand conditions. Despite rising OPEC production, analysts believe that production disruptions in Libya may limit downside in oil prices.



Read more: Oil futures slump as Saudis cut prices