SAN FRANCISCO (MarketWatch) — New York-traded crude-oil futures rebounded slightly Thursday. But London’s Brent—viewed as the world’s benchmark—settled at its lowest since June 2012 as Saudi Arabian price cuts continued to spook investors.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX24, rose 28 cents, or 0.3%, to settle at $91.01 a barrel. New York-traded oil fell below $90 a barrel earlier in the session.

U.S. oil futures have tended not fall as much due to healthier demand in the U.S., where economic data have been largely positive. That dynamic often insulates U.S. prices from negative headlines and weak global data points.

November Brent crude on London’s ICE Futures exchange UK:LCOX4 fell 74 cents, or 0.8%, to $93.42 a barrel–the lowest settlement for a Brent front-month contract since June 28, 2012.

Brent was under pressure after Saudi Aramco. Saudi Arabia’s national petroleum company, on Wednesday cut its official selling price for crude oil to the U.S., Europe and Asia, with the largest cuts in Asia.

That has stoked fears the Saudis would let prices fall further before slowing down its production to clear excess supplies and ease price declines.

“We believe that a far more important reason for the ongoing downward trend is the absence of any supply response from OPEC,” analysts at Commerzbank said in a note Thursday.

Elsewhere in the energy complex, gasoline for November delivery US:RBX4 fell 4 cents, or 1.7%, to settle at $2.4091 a gallon. That was the lowest settlement price for a gasoline front-month contract since January 2011.

Heating oil for November US:HOX4 lost nearly 2 cents, or 0.7%, to end at $2.6380 a gallon, the lowest settlement since June 2012.

Natural gas for the same month US:NGX14 declined 9 cents, or 2.3% to $3.9320 per million British thermal units. Natural gas futures are down for three straight sessions.

Earlier Thursday, the Energy Information Administration said U.S. natural-gas supplies increased 112 billion cubic feet in the week ended Sept. 26. Analysts polled by Platts had expected a rise between 103 bcf and 107 bcf.