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Markets

Middle East Crude-Benchmarks drop after Saudi price cuts

Published August 6, 2019 Updated August 6, 2019 12:03pm
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By Fawad MaqsoodReuters
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SINGAPORE: Middle East crude market benchmarks weakened on Tuesday, after top oil exporter Saudi Arabia cut its September official selling prices (OSPs) for Asia.

Traders are waiting for the new monthly OSPs from Kuwait and Iraq to gauge the sentiment for the front-month October trading. Iran also has not released its monthly OSP.

WINDOW

Cash Dubai's premium to swaps fell 22 cents to $1.52 a barrel. BP will deliver a October-loading Upper Zakum crude cargo to Shell following the deals.

 

Copyright Reuters, 2019

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