Saudi Arabia Slashes Oil Prices Again as Asian Demand Weakens

Saudi Arabia has slashed the official selling prices of its crude loading in July to customers in Asia, Europe, and the United States, in a widely expected second consecutive monthly cut amid weakening demand and narrowing spot Middle East crude premiums. Saudi oil giant Aramco has reduced the price of its flagship Arab Light crude loading for Asia in July by $6 per barrel, setting it at a premium of $9.50 per barrel over the average Oman/Dubai prices, the benchmark for Middle East oil, a pricing document seen by Reuters and Bloomberg showed…