Oil drops on Monday amid news that Saudi Aramco, the state-owned oil company, will cut prices for all grades of oil for buyers from Asia and the United States in October, Interfax reports.
Saudi Aramco announced that the price of Arab Light for Asia, the company's largest regional market, will be cut for the second consecutive month by $1.4 per barrel. As a result, it will cost $0.8 less than a basket of oil from Oman and Dubai. Arab Super Light and Arab Extra Light for Asian customers will fall in price by $ 1.5 per barrel, Arab Heavy – by $0.9 per barrel.
The decline in oil prices for American clients in October will range from $0.5 per barrel to $0.7 per barrel.
November futures for Brent fell by $0.46 (1.08%) on the London ICE Futures exchange to $42.2 per barrel. Brent lost $1.41 (3.2%) on Friday.
By this time, October futures for WTI were cheaper on the New York Mercantile Exchange NYMEX by $0.51 (1.28%), to $39.26 per barrel. During the previous session, the contract fell by $1.6 (3.9%).
Saudi Arabia usually sets the tone for oil price decisions in other Middle Eastern countries, including Iraq and the UAE.
At the end of last week, Brent fell by 6.9% - at the fastest rate in three months, WTI – by 7.5% amid doubts by experts about the sustainability of oil demand in the context of the continued growth of morbidity in a number of countries, including the United States and India. Prices of both brands at the close of the market on Friday were the lowest since July 9.
Earlier it was reported that Kazakhstan lost $3.8 billion in oil production revenue in eight months.
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