Oil Decline As Saudi Slashes Prices For Asian Buyers

Published September 6th, 2021 - 02:00 GMT
Oil Decline As Saudi Slashes Prices For Asian Buyers
Saudi Aramco announced its plan to slash the Arab Light crude for Asian buyers. (Shutterstock)
Highlights
Asia is Saudi's biggest buying region.

Oil has begun the business week with a decrease in prices as the Saudi decision to cut crude oil prices sold to Asia fueled demand and supply doubts.

Oil Prices

Brent crude at the time of writing 3 PM (+3GMT) was trading at $71.14 per barrel, sliding down 2.02% after closing Friday at $72.61 a barrel.

While the West Texas Intermediate (WTI) traded at $68.47 a barrel declining a 1.18% decline after closing the previous session at $69.29 per barrel.

Saudi Aramco Cuts Prices

On Sunday, oil behemoth and the world's top exporter, Saudi Aramco announced its plan to slash the Arab Light crude for its biggest buying region, Asian buyers, by $1.30 in October, weighing heavily on the prices as it is the largest monthly cut in a year.


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