Crude oil prices went down for the second straight day on Tuesday after Saudi Arabia cut crude prices for Asia by $1 a barrel last week amid demand concerns.
At 1030 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.30 (-0.42 percent) to reach $71.92 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $68.46 a barrel, down by $0.83 (-1.20 percent).
The price for Opec Basket was recorded at $72.58 a barrel with 1.31 percent increase, Arab Light was available at $70.88 a barrel with a 3.97 percent decrease, while the price of Russian Sokol slipped to $71.16 after shedding 2.16 percent. Earlier on Sunday last, Saudi Aramco said in a statement that it will cut October official selling prices for all crude grades sold to Asia by at least $1 a barrel. The price cut comes at a time when lockdowns across Asia to combat the delta variant of the coronavirus have clouded the economic outlook. According to experts, the Organisation of the Petroleum Exporting Countries and their allies (OPEC+) has also announced to increase oil supply by 400,000 barrels per day and this will cause oil prices to struggle. They said that Non-Farming Payroll (NFP) data for August already was not impressive and all these are not good signs for crude prices.
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