Oil futures drift lower Tuesday, building on weakness seen the previous session after Saudi Arabia slashed crude prices for Asia.
Oil futures drifted lower Tuesday, with Brent crude building on weakness seen the previous session after Saudi Arabia slashed crude prices for Asia.West Texas Intermediate crude for October delivery CL00, -1.02% CLV21, -1.02% fell 84 cents, or 1.2%, to $68.45 a barrel on the New York Mercantile Exchange. U.S. markets were closed Monday for the Labor Day holiday.
Brent fell Monday after Saudi Arabia’s state oil company Saudi Aramco cut its October official selling prices for all grades delivering to Asia, while keeping prices unchanged for the U.S. and Europe. Arab light crude for delivery to Asia was slashed to a premium of $1.70 per barrel from $3 in September, according to a company document. The price cuts were the first in four months for the region.
August imports were still down 6% year over year, he noted, with China importing 5.7% less crude over the first eight months of the year than in the same stretch in 2020. “For now, the Asian market is in a ‘semi-bullish mode’ while awaiting new clues on the recovery of U.S. production and refinery activity after the hit of Hurricane Ida,” he wrote.
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