Saudi Arabia cuts oil prices, monitors oil movements

Saudi Arabia announced a reduction in crude oil prices for customers in Asia. Experts see behind this a misjudgement on the part of Saudi Arabia on demand in Asia. Restrictions are still in place in large parts of Asia due to the Covid-19 pandemic.

WTI crude futures were up 1.02% at $68.86 a barrel.

Brent crude futures were up 1.06% at $72.21 a barrel as of 8:20 a.m. ET.

It is the first time in four months that Saudi Arabia will cut oil prices for Asian customers in October. Prices for all grades of crude oil will fall by at least $1/barrel, which is 20-40 cents more than expected. Earlier this year, the price was first revised upward.

It was only at its July meeting that OPEC+ agreed to increase oil production by 400,000 barrels per day from August to December 2021.

The next OPEC+ meeting on oil production policy will be held on October 4.

At the same time, the impact of the Covid 19 pandemic is still a factor for oil prices. But oil fundamentals have strengthened the oil market.

The Spot Market is Open

Tuesday, September 7, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
08.50
1,825.30
1,826.30
+2.30
0.13%
1,821.60
1,827.90
Silver
08.50
24.75
24.85
+0.09
0.39%
24.64
24.91
Platinum
08.50
1,018.00
1,028.00
+1.00
0.10%
1,015.00
1,031.00
Palladium
08.50
2,351.00
2,501.00
+7.00
0.30%
2,344.00
2,504.00
Rhodium
05.00
15,750.00
17,750.00
0.00
0.00%
15,750.00
17,750.00
Energy
Updated at

Price

Change

%Change
Crude oil
08.50

68.99

-0.30

-0.43%

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