Oil fell for the second time in a week after Saudi Arabia cut its crude prices for Asia more than expected, as the market eyed any impact from the fall of the Syrian regime.
Brent futures traded near $71 a barrel and West Texas Intermediate was above $67. Saudi Aramco cut its oil prices after OPEC+ further delayed the restart of stalled production, underscoring the weak market outlook. Meanwhile, the fall of the Syrian government sent shockwaves across the Middle East and would be a blow to longtime backers Russia and Iran.
Crude prices have been confined to a tight range since mid-October, with positive geopolitical developments in the Middle East and Ukraine offset by weak Chinese demand and ample supply. The market is facing a glut next year, meaning there is little room for significant output increases from OPEC+.
Source: Bloomberg
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