Oil prices went on after Saudi Arabia lowered prices and expected a drop in demand

Oil prices have stabilized, with investors assessing the possibility of falling demand, after Saudi Arabia reduced the prices of most of its raw degree. Brent Crude trades near $ 66 a barrel after closing 0.8% on Monday, while the Western Texas -Tussentage rough was completed at the $ 62 level. The Saudi Aramco company, the government producer, announced the reduction in the prices of all its raw types of buyers in Asia in the next month after the decision of the OPEC+ coalition to continue to pump more holes in the market in October. According to traders in the Asian market, Aramco’s reduction to its “light light” standard RAW price has more than expected, which can send a negative signal. The market has a possible offer at the end of this year until 2026, which will lower the prices. Read more: Saudi Arabia lowers oil prices for Asia to continued “OPEC+”, and Zhou Mai, an analyst at the research institute attached to the company “Cos Terranari Futures”, said: “It is clear that Saudi Arabia has moved to a battle on market shares, which is the market shares. late. ” The OPEC and its allies decided to return 137 thousand barrels a day in October, which is a lower increase than the presidency in the previous months, which reflects some caution in expectation. However, the decision indicates a collective payment of the coalition to restore market shares instead of defending prices. Although Brent has fallen by 11% since the beginning of the year, prices have maintained relative stability in light of the increase in supplies from OPEC+. China’s strategic storage recently supported the request, but according to Frederick Lasir, head of the research department of the “Ghinfour” group, China may not be able to take up the excess of the fully expected offer during his participation in the Asia -Petroleum Conference in Singapore on Monday.