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Oil Holds Drop as Saudi Arabian Price Cut Amplifies Glut Concern

Oil Holds Drop as Saudi Arabian Price Cut Amplifies Glut Concern
Bloomberg Markets Monday 06 July 2026, 22:01 UTC By Kanoko Matsuyama 1 min read
Key Points

Oil Holds Drop as Saudi Arabian Price Cut Amplifies Glut Concern Oil held a drop on signs of growing global oversupply, with Saudi Arabia slashing prices of its main grade to Asia and maritime traffic through the Strait of Hormuz picking up. West Texas Intermediate traded below $69 a barrel, after ending lower in the week’s opening session following a US holiday on Friday, while Brent closed near $72. State producer Saudi Aramco will lower Arab Light oil for next month by $11 a barrel to...

Oil Holds Drop as Saudi Arabian Price Cut Amplifies Glut Concern Oil held a drop on signs of growing global oversupply, with Saudi Arabia slashing prices of its main grade to Asia and maritime traffic through the Strait of Hormuz picking up. West Texas Intermediate traded below $69 a barrel, after ending lower in the week’s opening session following a US holiday on Friday, while Brent closed near $72. State producer Saudi Aramco will lower Arab Light oil for next month by $11 a barrel to $1.50 below the regional benchmark. The last two times it sold the grade at a discount were during price wars in 2020 and 2015.
Oil Holds Drop (ORG) Saudi Arabian (ORG) Saudi Arabia (LOCATION) Asia (LOCATION) the Strait of Hormuz (LOCATION) West Texas Intermediate (ORG) US (LOCATION) Brent (PERSON) Saudi Aramco (ORG) Arab (ORG)
Originally published by Bloomberg Markets Read original →

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