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% |