Crude oil slumped on Saudi Arabia’s price cut, signaling the Kingdom has confirmed to accept lower oil prices for higher market share. The state-owned producer Saudi Aramco announced that it lowered the premium for Arab Light relative to US Gulf Coast benchmarks by –US$0.45/bbl to the smallest since December. Medium and heavy grades were also down –US$0.45 and extra light oil –US$0.5.
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WTI Broke Below US$80/bbl as Saudi Cut Prices
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