Saudi Aramco Cuts August Arab Light Crude Prices for Asia as Brent Slides

Saudi Aramco, the world’s largest oil producer, sharply cut its official selling price for August Arab Light crude to the Asian market on July 6 to attract Asian buyers, as geopolitical risk concerns eased and Brent crude fell, 36Kr reported. The report said the Strait of Hormuz has gradually resumed navigation, while international thermal coal prices have returned to pre-conflict levels. Several international institutions were cited as bearish on oil prices in the second half of the year, with Citi forecasting Brent could fall to $60 a barrel by year-end.