Saudi Arabia Cuts Oil Prices

Saudi Arabia’s state-run oil company has cut its October pricing for its Arab Light crude oil for Asian buyers, according to a fresh price list released on Friday. Saudi Aramco has cut its Arab Light crude oil by 70 cents, the price list showed. The news comes as Brent crude prices fell even further, trading at $71.49 per barrel, a $1.20 per barrel decline (-1.65%) on the day and the lowest level in years. Saudi Aramco has also lowered the price of Arab Light to Europe and the United States. The price reduction to Asia—Saudi Aramco’s…