The state-controlled Saudi Aramco cut prices for all crude oil shipped to Asia in February. The company’s flagship product, Arab Light, was cut to $1.80 a barrel above the regional benchmark, down $1.45 from this month’s price.

Saudi Arabia cut oil prices for Asia, signaling that demand in its main market remains sluggish as the economy slows and COVID-19 cases rise in China.

Brent crude futures have plummeted to less than $80 from nearly $125 a barrel in June, with…