Crude Pulls Back As Saudi Raise OSP Prices to Asia and Europe

Crude front month pulls back after Saudi Arabia announce an increase in OSP prices to Asia and Europe.

• Saudi Aramco set the official selling price from Arab light up 0.2$/bbl to 3.2$/bbl, counter to the Bloomberg expectation of no change and Reuters of a small decrease.
• Earlier this week Saudi extended the voluntary production cuts from July into August to help support the market, but global demand concerns and disappointing China data have limited the upside moves.
• The earlier move higher in the prompt time spreads has pulled back but prices are still higher on the day.
  • Brent SEP 23 down -0.6% at 76.19$/bbl
  • WTI AUG 23 down -0.6% at 71.38$/bbl
  • Brent SEP 23-OCT 23 up 0.04$/bbl at 0.28$/bbl
  • Brent DEC 23-DEC 24 down -0.01$/bbl at 3.07$/bbl