Oil prices fell on Monday, extending losses after Saudi Arabia, the world’s top oil exporter, slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand. Brent crude futures fell 0.69 percent to $72.11 a barrel by 10:39 GMT, while U.S West Texas Intermediate crude was at $68.83 a barrel, down 0.66 percent. The deep price cuts come as lockdowns across Asia to combat the Delta variant of the CCP (Chinese Communist Party) virus have capped fuel demand in the region. Prices in northwestern Europe and the United States remained steady. State oil giant Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel. The price cuts were larger than expected, according to a Reuters poll of Asian refiners. “The OSPs …