Bearish Signal for Oil: Saudis Slashing Asia Price Again

The National: Saudi Aramco cuts price of oil as it enagages in ‘market battle’ for Asia
Saudi Aramco has lowered the pricing terms for Arab Light sold to Asia by the most in 10 months as refineries grapple with falling margins and oversupply.

The state-owned company said on Sunday it will sell cargoes of Arab Light in September at US$1.10 a barrel below Asia’s regional benchmark. That is a pricing cut of $1.30 from August, the biggest drop since November, according to data compiled by Bloomberg. The company was expected to lower the pricing by $1 a barrel, according to the median estimate in a Bloomberg survey of eight refiners and traders.

...All other official selling prices for Asian clients were reduced. The biggest cut was by $1.60 for Extra Light crude. Pricing for Light and Extra Light grades for US clients was cut, by 20 cents and 40 cents, respectively, while the Medium and Heavy grades were unchanged.

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