Oil steadied as investors weighed the prospect for softening demand after Saudi Arabia cut pricing for most of its grades.
West Texas Intermediate traded above $62 a barrel after climbing 0.6% in the previous session. Brent closed near $66. State producer Saudi Aramco will trim the price for all its crude for buyers in Asia next month, following a decision by OPEC+ to continue adding idled barrels to the market in October.
Aramco reduced the price for its flagship Arab Light crude to Asia more than expected, potentially sending a bearish signal, according to traders dealing oil in the region. The market is facing an oversupply toward the end of the year and into 2026, which will likely put downward pressure on prices.
The Organization of the Petroleum Exporting Countries and its partners decided to return 137,000 barrels a day in October, a smaller increment than scheduled for the previous two months, highlighting some caution in the outlook.
Source: Bloomberg
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