ADVERTISEMENT
Africanian
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
No Result
View All Result
Africanian
No Result
View All Result
Home World

Oil price slide continues as Saudis cut prices to win Asian orders

The kingdom cut the price of its flagship crude for October just days after OPEC+ agreed to continue boosting production.

in World
Reading Time: 2 mins read
0 0
0
Oil price slide continues as Saudis cut prices to win Asian orders
0
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

Oil extended losses after Saudi Arabia slashed crude prices for Asian buyers, raising the prospect of fierce competition among sellers as the resurgence of Covid-19 continues to cloud the demand outlook.

Futures in New York dropped below $69 a barrel. The kingdom cut the price of its flagship crude for October just days after OPEC+ agreed to continue boosting production. Traders were caught off guard by the Saudi move, attributing it to factors including increased competition and a desire to retain market share.

“The Saudis cut the price to Asia by more than expected,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “This obviously raises speculation whether they’re looking for market share or whether they see a weak demand situation that requires a lower price in order to stay competitive.’

Oil’s sizzling rally over the first half of the year has been interrupted by the delta variant of the virus, which has led to renewed restrictions on mobility. Adding to bearish sentiment recently has been the readiness of governments to release strategic reserves, reducing the need for supplies from the market, though a significant chunk of U.S. production remains offline in the Gulf of Mexico following Hurricane Ida.

Last month, some Asian customers requested less crude from Saudi Arabia due to the demand impact from delta. For October, Saudi official prices for cargo sales to the U.S., northwest Europe and the Mediterranean were stable or little changed, pointing to the producer’s intent on prioritizing oil flows to Asia.

More

Black Panther –The Making of The Movie without Chadwick Boseman

LOS ANGELES: Experts warn US reaches critical moment with nearly 3,000 monkeypox cases

Voters’ choice: Joe Biden or Donald Trump? Neither

Prices:

  • West Texas Intermediate for October delivery fell 0.6% to $68.87 a barrel by 10:03 a.m. in London
  • Brent for November settlement lost 0.6% to $72.20.
  • Both benchmarks are trading near their 50-day moving averages.

Traders are closely watching for the return of oil production and refineries affected by Hurricane Ida. The U.S. granted a second refiner in Louisiana access to the country’s emergency crude stockpiles as most oil-producing platforms in the Gulf of Mexico remain offline.

It remains challenging for analysts and traders to form a cohesive picture of the global demand outlook due to the continuing spread of the virus. Still, fuel consumption in the U.S. has climbed to a record, while crude inventories at key storage hubs such as Saldanha Bay have also dipped, a sign that the pandemic-induced glut is quickly dissipating.

Source: World Oil
africanian

africanian

  • Trending
  • Comments
  • Latest
Equatorial Guinea: Ecobank Ready to Provide Services to NAHSCO

Equatorial Guinea: Ecobank Ready to Provide Services to NAHSCO

August 11, 2022
Dream Talks: Ecosystem Builder John Rexford Nzira Bets on Africa's Future

Dream Talks: Ecosystem Builder, John Rexford Nzira, Bets on Africa’s Future

August 12, 2022
Equatorial Guinea: Dreams Hub Launch Membership Cards to Serve Ecosystem

Equatorial Guinea: Dreams Hub Launch Membership Cards to Serve Ecosystem

August 8, 2022
Tourism: Rwanda Registers 490% Growth in Sector Despite the Pandemic

Tourism: Rwanda Registers 490% Growth in Sector Despite the Pandemic

August 13, 2022
South Africa: Banyana Banyana Victory Spurs Appeal For SA Sports Tourism

South Africa: Banyana Banyana Victory Spurs Appeal For SA Sports Tourism

August 13, 2022
Equatorial Guinea: Ecobank Ready to Provide Services to NAHSCO

Equatorial Guinea: Ecobank Ready to Provide Services to NAHSCO

August 11, 2022
Africanian

Copyright © 2022 Africanian.com.

Follow Us

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

Copyright © 2022 Africanian.com.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.