Oil extended losses after Saudi Arabia slashed crude prices for Asian buyers by more-than-expected just days after OPEC+ agreed to continue raising production.
Futures in New York dipped below $69 a barrel after falling 1% on Friday. The kingdom cut the price of its flagship crude for October by $1.30, more than double the forecast reduction in a Bloomberg survey. Traders were surprised by the move, attributing it to factors including arbitrage inflows from regions such as the U.S. and competition to retain market share.
"Oil" - Google News
September 06, 2021 at 05:29AM
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Latest Oil Market News and Analysis for Sept. 6, 2021 - Bloomberg
"Oil" - Google News
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