Saudi Arabia Cuts Price Of Oil To Asia

Saudi Arabia has cut the official selling price (OSP) for its Arab Light crude oil to Asia, sources said on Thursday. That makes the Arab Light grade price a premium of $2.55 per barrel compared to the Oman/Dubai average. The cut, to go into effect next month, represents a $0.25 per barrel cut month over month. Saudi Arabia’s June OSP for the United States $6.25 per barrel premium vs ASCI, with prices to NW Europe set at a $2.10 per barrel premium to ICE Brent. The move shows an expected weakness in Asian demand for Middle Eastern crude oil.…