Oil falls 1% after Saudi cuts crude prices amid supply, competition woes

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Saudi Aramco (ARMCO) on Sunday cut the official selling price by $2/bbl from January levels to $1.50/bbl over Oman/Dubai quotes, the lowest in over two years. Prices in northwest Europe and the Mediterranean were reduced $1.50 to $2/bbl vs. the ICE Brent crude benchmark compared to January prices.

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On the other hand, U.S. oil production is now near record levels, with weekly exports hitting a fresh high last week. The demand for U.S. oil is driven by the Red Sea crisis and the resulting runup in costs for shipping companies to divert their tankers.

www.msn.com/en-us/money/markets/oil-falls-1-after-saudi-cuts-crude-prices-amid-supply-competition-woes/ar-AA1mC88K

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