By Giulia Petroni
Saudi Arabia further lowered the price of its crude for Asian buyers, signaling caution as concerns over excess supply continue to hang over global markets.
State-owned oil giant Saudi Aramco set the official selling price for January loadings of its flagship Arab Light crude to Asia at $0.60 a barrel above the Oman/Dubai average, down from $1 in the prior month. The price is seen as a key indicator of the kingdom's outlook on regional demand.
Prices for other lighter grades were cut by $0.20 a barrel, while heavier grades saw reductions of $0.60 a barrel. Aramco also trimmed prices for all grades sold to U.S. customers, Northwest Europe and the Mediterranean.
Oil prices were little changed on Thursday, with Brent crude trading around $63 a barrel and WTI at $59 a barrel as investors closely monitor diplomatic efforts to end the war in Ukraine and escalating tensions between the U.S. and Venezuela.
Still, prospects of softer global demand and an oversupply next year continue to weigh on sentiment. Last week, the Organization of the Petroleum Exporting Countries and its allies decided to keep their production policy unchanged after opting to pause output hikes during the first quarter of next year.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
12-04-25 1122ET
