On the eve of Saudi Aramco Saudi State Oil Company reported that in October it will lower prices for all oils for buyers from Asia and Mediterranean countries.
Interfax writes that the price of the main grade supplied to Asia – Arab Light will decrease by $ 1.3 per barrel, as a result it will cost $ 1.7 per barrel larger than the Basket of Oman’s oil and oak. The cost of other brands will be reduced by $ 1-1.3 per barrel. Such a sharp decline in oil prices for Asian buyers traders regarded as the desire of saudi aramco to keep the market share.
Following this news, oil prices crawled down. Thus, the cost of November futures for Brent oil on the London Stock Exchange Ice Futures in the morning on Monday was $ 71.79 per barrel, this is $ 0.82 (1.13%) below the price of closing the previous session.
WTI oil futures price for October at the electronic trading of the New York Commodity Exchange (NYMEX) amounted to $ 68.56 per barrel, which is $ 0.73 (1.05%) below the final value of the previous session