Crude oil dips followed by Saudi's decision to cut prices for the Asian market

September 07, 2021 11:26 AM AEST | By Team Kalkine Media

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Crude oil dips followed by Saudi's decision to cut prices for the Asian market — Image source: © Artemegorov | Megapixl.com

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Concept Of Falling Oil Prices

Highlights

Crude oil prices dropped on Monday.

Saudi Aramco notified its customers to reduce the October selling price for Asian markets.

The demand for crude in the Asian market has been suffering due to the rise in coronavirus cases.

Crude oil prices tumbled on Monday after Saudi Arabia slashed the prices of crude contracts for the Asian market over a subdued demand outlook. November delivery Brent Crude oil futures last traded at US$72.28 per barrel up 0.26%, whereas October delivery WTI crude oil futures traded 0.09% up at US$68.94 per barrel as of 07 September 2021 at 10:25 AM AEST.

Saudi Aramco, the state oil group notified customers on Sunday through a statement that it will cut the October selling price for all grades of crude oil for Asian markets by atleast US$1 per barrel. The demand for crude oil in Asia has reduced due to rising cases of coronavirus. Furthermore, OPEC and its allies plan to raise monthly production, thus, additionally increasing the inflow into the market.

Bottomline:

Crude oil prices inched lower on Monday after Saudi decided to cut crude oil prices for the Asian market amid lower energy demand in the region due to the rise in coronavirus cases.

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