Yesterday oil prices, which have been going down since mid-June, decreased again after Saudi Arabia reduced prices for the US buyers. WTI oil brand went down by 2.69% to a three-year minimum of $76.66 per barrel. Brent oil price went down by 2.67% to $82.52 per barrel – a minimum during four years.
On Monday evening first time during five months Saudi state company Saudi Aramco increased fuel price for the Asian and European customers (December contracts for Arab Light are concluded with the discount of $0.10 per barrel against $1.10 in November) putting an end to the talks that the biggest OPEC maker has launched a price war against its closest competitors. But, it has reduced oil price for the US: in the December contracts the discount will be $1.60 per barrel against $2.50 in November. The struggle for the market share has moved across Atlantics.
Saudi Arabia would like to increase export to the US, before repair of the oil refineries is completed and for this reason it increases prices, Amrita San from Energy Aspects believes. In August 2013 export from Saudi Arabia dropped to a minimum point since December 2009, because the Saudi Arabian Kingdom wanted to increase profit by easing pressure on the oil prices at the local market in the US, it explained to the Financial Times.
