Oil slid to six-month lows on Monday, hit by fresh evidence of growing oversupply, investor bearishness and slowing demand in China, leaving crude prices on course for their weakest third-quarter performance since the financial crisis in 2008.
Saudi Arabia is expected to raise prices for crude it sells to Asia in September due to a stronger Dubai benchmark, traders and analysts said, adding that the top oil exporter will be wary of a hike so big it would threaten its market share.
Dubai crude, as quoted by price-reporting agency Platts, averaged $56.168 a barrel for July, the lowest since March, traders said on Monday.
In June, the prices averaged $61.788.
Prices for Oman crude were also down
Oil prices fell in Asian trade on Wednesday as concerns over global oversupply outweighed the impact of a likely larger than expected draw in US crude stocks and a weakening dollar.
Asian investors focused on OPEC production figur
Algeria's Sonatrach has set its Saharan Blend crude oil official selling prices (OSP) for loading in August at a premium of 45 cents per barrel to dated Brent, it said.
The July OSP was set at a discount of
Oil prices fell for a fifth straight session on Tuesday to their lowest in almost six months, as a rout in Chinese equities cast further doubt over the outlook for crude demand in the world's top commodities consumer.
Brent and US crude futures settled on Friday at their lowest since March and posted their fourth straight weekly decline as weak economic data from China and a rise in US oil drilling rigs applied pressure.
US energy firms added 2
Oil prices fell on Wednesday after industry data showed US crude inventories rose last week when they had been expected to drop, even as a weaker dollar helped to limit deeper losses.
Crude futures have steadied this week after tu
Saudi Arabia's crude oil exports fell to their lowest in five months in May despite near record production, as the Opec kingpin turns itself into a major refined-fuels power and as domestic consumption rises.
Saudi Arabia, the
South Korea's crude oil imports from Iran dropped 19.7 per cent in June from a year earlier, and its shipments from the Opec country in the first half of this year also declined 5.5 per cent year-on-year, meeting international sanction req