Prices of oil futures extended their losses on Monday, with the West Texas Intermediate (WTI) plunging more than 3%. Earlier, petroleum and natural gas company Saudi Aramco announced that it decided to reduce crude prices for all regions due to lower global crude oil prices and increased production in non-OPEC countries. WTI for deliveries in February fell by 3.09% at 7:12 am ET and went for $71.53 per barrel. A minute later, Brent for settlements in March lost 2.55% to sell for $76.53 per barrel. NN: This is simply a price adjust. Reflecting the power price band. The markets knee jerk reaction is overkill. Nothing to see here.