Baghdad Oil prices continued to decline, today, Monday, after Saudi Arabia, the largest exporter of crude in the world, lowered crude prices for Asia at the beginning of the week, indicating the availability of good supply in global markets.
According to Reuters, this morning, Brent crude futures for November 2021 decreased by 1.45% to $71.56 a barrel.
Meanwhile, US West Texas Intermediate crude for the month of December recorded $68.33 a barrel, down by 1.39%.
The giant oil company, Saudi Aramco, notified customers in a statement yesterday, Sunday, that it will reduce the prices of November 2021 for all types of crude sold to Asia, its largest purchase region, by no less than one dollar per barrel.
A Reuters poll among Asian refiners indicated that the price cuts were larger than expected.
Source: National Iraqi News Agency