Saudi Arabia Cuts Oil Prices For Asia ...Middle East

Saudi Arabia has lowered its official selling prices for oil for all its Asian clients, with the flagship Arab Light for December delivery now priced $0.40 lower, Bloomberg reported, citing the slowdown across Asian economies. The price cut is deeper than traders and refiners had expected, per a Bloomberg survey. Yet the final price remains considerably higher than it has been in previous years, with Arab Light at $5.45 per barrel above the Dubai/Oman benchmark. At the same time, the Saudis raised the price of the oil they will be selling to Europe…

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