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Saudi Arabia cuts oil prices for Asia, Europe

Oil Saudi Arabia Asia Europe Covid-19 Saudi Aramco United States

Saudi Aramco logo is pictured in Saudi Arabia on Oct 12, 2019. (Photo: Reuters)

Saudi Arabia cut oil prices for customers in Asia and Europe as Covid-19 lockdowns and sagging economies cool energy demand in the two regions.

State-controlled Saudi Aramco lowered its key Arab Light grade for next month’s shipments to Asian refineries to US$5.85 a barrel above the Middle Eastern benchmark, a decrease of almost $4 from September.

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