logo-loader

Oil prices back off as Saudi Arabia drops prices for Asia

Last updated: 00:58 02 Aug 2016 AEST, First published: 19:58 01 Aug 2016 AEST

offshore oil operations

Crude prices backed off on Monday as attentions turned to the next tussle for market share between major producers.

Saudi Arabia has, according to reports, has dropped crude prices for customers in Asia.

Arab light crude is being sold at a US$1.10 discount to the Asia benchmark, which is said to be the biggest drop in their sales price since November.

Experts highlight that it marks the latest stand-off between Middle East producers and the swing-producers in the burgeoning shale plays of the United States.

In London trading Brent crude was down 2.1% to US$42.60, while West Texas Intermediary futures fell 2.18% to US$40.70.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 27 minutes ago