Saudi Arabia To Cut Oil Prices As Demand Fears Grow

Saudi Arabia has cut its official selling prices for crude oil in the latest sign that demand recovery is stumbling, Bloomberg reports, adding that this is the first time Riyadh has cut its oil prices to a discount against the benchmark since June. Prices were lowered both for Asian and U.S. buyers this time, after Aramco kept its prices higher for U.S. refiners for six months in a row. For Asian buyers, this was the second consecutive month of price cuts, which suggests that the appetite for Saudi oil is dwindling after Chinese refiners spent…