Saudis cut oil prices for Asia as virus clouds energy market
Saudi Arabia cut most oil pricing for its customers in Asia and the U.S. as a resurgence in the coronavirus clouds the outlook for energy markets.
State producer Saudi Aramco decreased December pricing for shipments of Arab Light crude to Asia, its largest regional market, by 10 cents a barrel to a 50-cent discount to the benchmark.
Oil dropped around 10% last week as European nations including Germany and France announced new lockdowns and daily virus cases hit a record in the U.S. While crude has since recovered most of those losses, the market continues to face headwinds, OPEC Secretary-General Mohammad Barkindo said.
