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Saudis cut crude oil prices to U.S., oil futures slide

Dec. 04, 2014 9:38 AM ETUCO, USO, OIL-OLD, DBO, TWTI, USL, UGA, DTO, OLO-OLD, SCO, DNO, BNO, CRUD, UWTI, DWTI, SZOXF, OILBy: Carl Surran, SA News Editor18 Comments
  • Oil prices turn sharply lower after Saudi Arabia cut the price of its oil in the U.S., reinforcing concerns that the kingdom is prioritizing market share rather than raise prices.
  • Saudi Aramco says it had reduced its official selling prices prices for all crude grades to the U.S. by $0.10-$0.90/bbl, and cut prices for oil grades bound for Asia by $1.50-$1.90/bbl; it raised prices for northwest Europe and the Mediterranean.
  • Another Saudi price cut to the U.S. is “tantamount to a declaration of war to U.S. shale-oil producers, in view of the significant decline in the price of the benchmark [U.S. oil],” Commerzbank says.
  • WTI crude -1.2% to $66.53/bbl, Brent -0.9% to $69.26; energy stocks open broadly lower after leading the market during the first three sessions of the week.
  • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, CRUD, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM

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