Oil prices in the afternoon session (September 6) fell about 1 USD/barrel, prices fell after the world’s top exporter Saudi Arabia reduced the price of crude oil contracts for Asia at the end of the week.
Brent crude for November delivery fell 98 cents, or 1.4%, to $71.63 a barrel, while US crude (WTI) for October delivery was at $68.34 a barrel, down 95 cents, or equivalent to 1.4%.
National oil giant Saudi Aramco informed customers on Sunday that it will reduce its official selling price (OSP) for October for all crude grades sold to Asia, the consuming region. their biggest oil, at least $1/barrel.
“Oil prices to Asia are falling, signaling lower demand and potentially higher supply,” said Energy Aspects analyst Virendra Chauhan.
Global oil supplies are growing as the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, are raising output to 400,000 barrels per day between August and May. twelfth.
“As OPEC+ continues its monthly production increase plan, despite weak data from China and the US raising concerns and Saudi Arabia seeking market share in the region, oil prices are likely to remain under pressure. force,” said Jeffrey Halley, a senior market analyst for Asia Pacific at brokerage OANDA.
Crude oil prices fell on Friday after a weaker-than-expected US jobs report showed an uneven economic recovery, with fuel demand low, while the pandemic raged again.
The downside was capped by concerns that US supplies will remain constrained after Hurricane Ida.
The U.S. government is releasing crude from strategic oil reserves as output on the U.S. Gulf Coast struggles to recover, while power shortages pose an obstacle for some refineries to operate. move again.
Last week, US energy companies cut the number of oil and natural gas rigs operating for the first time in five weeks, according to data from Baker Hughes. The number of oil rigs alone fell by the most since June 2020.
Source: VITIC/Reuters
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