- 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