NEW YORK (BLOOMBERG) - Oil extended losses at the open after Saudi Arabia slashed crude prices for Asian buyers by a larger-than-expected margin just days after Opec+ agreed to continue raising production. Futures in New York edged below US$69 a barrel after falling 1 per cent on Friday. The October price for Saudi's flagship crude was cut by US$1.30, more than double the forecast reduction. Traders were surprised by the move, attributing it to factors including arbitrage inflows and competition to retain market share. After rallying in the first half of this year, crude's surge has stalled as the market weighed both bearish and bullish signals. New Covid-19 variants and the readiness of governments to release strategic reserves weighed on investor sentiment, even as a decline in global crude inventories and record-high United States fuel consumption added to optimism. Asian buyers will need to submit their requests for October volumes by Sept 6. Saudi official prices for cargo sales to the US, North-west Europe and the Mediterranean were stable or little changed, pointing to the producer's intent on prioritising oil flows to Asia. Last month, some Asian customers requested less Sa...