Saudi Arabia Cuts Oil Prices for Asia for Second Straight Month
By Giulia Petroni
Top oil exporter Saudi Arabia cut prices for all crude grades it sells to Asian customers for a second month in a row in August amid robust supply from countries outside OPEC and uncertainties over the demand outlook.
State-owned oil giant Saudi Arabian Oil Co., known as Aramco, set its official selling price for August loadings of its flagship Arab Light crude to Asia--its main market--at $1.80 a barrel over the Oman/Dubai average, from $2.40 a barrel in July. Prices for other lighter and heavier crude grades were also lowered.
Looking at other importing regions, the oil producer instead increased its August prices for all grades for customers in northwest Europe and the Mediterranean. In the U.S., Aramco raised the price for its Extra Light and Light grades by 10 cents versus the Argus Sour Crude Index and left prices for its Medium and Heavy grades unchanged.
Crude prices climbed to a two-month high this week, boosted by signs of a tightening market over the summer due to the extension of the Organization of the Petroleum Exporting countries and its allies' supply curbs and expectations of strong demand during the traveling season.
Prices are also gaining support from escalating geopolitical risks in the Middle East and Eastern Europe, as well as renewed hopes for a September rate cut by the U.S. central bank. At 1600 GMT, Brent crude trades 0.2% higher at $87.50 a barrel and WTI rises 0.1% to $83.94 a barrel.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 04, 2024 12:23 ET (16:23 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks