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- Oil: Brent below USD70 after Saudi price cut for Asia and U.S.
Oil: Brent below USD70 after Saudi price cut for Asia and U.S.
Oil is trading lower today after Saudi Arabia lowered official selling prices for the U.S. and Asia yesterday just a week after it refused to trim OPEC's output. The official selling price of all grades of oil supplied to Asia in January, will be reduced by 1.5-1.9 per barrel compared to the December prices. Prices for all grades of oil supplied to the United States, were also reduced by 10-90 cents per barrel. The largest producer and exporter of the OPEC is fighting for market share with other producers. Crude declined 18% last month. Brent Crude lost -0.62% trading at USD69.21 a barrel, and West Texas Intermediate lost -0.66% currently quoted at USD66.37.
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