Oil depreciating on news of Saudi Aramco’s cutting prices

Global oil prices on September 6 morning are depreciating amid the news that Saudi Aramco lowered the October selling price for oil for buyers from the rest of Asia, according to trading data, Report informs referring to Prime agency.

As of 14:37 (GMT+4), the price of November futures for Brent crude fell by 0.66 percent to $72.13 per barrel, and the price of October futures for WTI oil fell by 0.65 percent to $68.83 per barrel.

Oil investors are evaluating the decision of Saudi Arabia’s state-owned oil and gas company Saudi Aramco, which, according to Bloomberg, cut its October selling prices for oil for buyers from Asia twice as much as analysts expected.

In particular, the company has lowered the selling price of the Arab Light brand, on the basis of which the price for other brands is formed, for Asian buyers by $1.3 per barrel, so that the premium to the regional benchmark is $1.7. Analysts polled by the agency were expecting a decline of only $0.6.

This decision came a few days after OPEC+ announced the continuation of the increase in oil production by 400,000 barrels per day monthly.