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Saudi Aramco is cutting oil prices for Asia, Europe and the United States for the second month in a row. Prices fell to a two-month low.
World oil prices fell in trading on Monday, September 7, amid falling fuel prices in Saudi Arabia.
Saudi Aramco announced that in October the price of Arab Light for Asia will be reduced for the second consecutive month, by 1.4 dollars a barrel. As a result, it will cost $ 0.8 less than a basket of oil from Oman and Dubai. The cost of other Saudi oil grades will also be reduced.
For US customers in October, the reduction will be from $ 0.5 per barrel to $ 0.7 per barrel.
In this regard, the cost of November futures for Brent oil on the London ICE futures exchange fell below $ 42 per barrel, and the October WTI oil futures on electronic trading on the London Mercantile Exchange. New York, down from $ 39 a barrel. Both indicators are at least two months old.
“The market sees Saudi Aramco’s prices as fair, and there are those who would like to see a deeper cut,” said Mike Mueller, head of Asian operations at oil trader Vitol Group.
Saudi Arabia is driving down oil prices, raising fears that global demand will be volatile, CBA analysts say. After all, Saudi Arabia often sets the tone for decision-making on oil prices in other Middle Eastern countries, including Iraq and the United Arab Emirates.
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