Oil prices moved lower on Oct. 6, with both Brent and West Texas Intermediate (WTI) crude extending their intraday declines, according to Bitget market data cited by BlockBeats. Brent crude fell more than 2% on the day to $97.45 per barrel, while WTI was down nearly 2% to $86.81 per barrel. The move came as Saudi Aramco lowered the official selling price of its benchmark crude for Asian buyers to the lowest level in six years. The report said Saudi Arabia and other Gulf producers are stepping up efforts to compete for market share in Asia. At the same time, oil shipments passing through the Strait of Hormuz are increasing, adding to price competition among Middle Eastern exporters. The latest pricing move and rising transport volumes point to intensifying competition in the region’s export market.
Oil prices extended losses on Oct. 6, according to Bitget market data cited by BlockBeats.
Brent crude was down more than 2% intraday at $97.45 a barrel, while West Texas Intermediate, or WTI, fell nearly 2% to $86.81 a barrel.
On the news side, Saudi Aramco cut the official selling price of its benchmark crude for Asia to the lowest level in six years. The report said Saudi Arabia and other Gulf oil producers are accelerating efforts to compete for market share in Asia. Oil transport through the Strait of Hormuz is also increasing, and price competition among Middle Eastern exporters is heating up.
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