Brent crude futures drop after Saudi Arabia cuts oil prices to US

Overnight, Saudi Arabia reduced its prices for exports of crude to US clients. The largest of the Organisation of Petroleum Exporting Countries’ (OPEC) producers cut the premium of its Arab Light variety of crude, with respect to US Gulf Coast benchmarks, by 45 cents, to its lowest level this year.

As of 08:05 front month Brent crude futures were falling 1.9% to $83.17 per barrel on the ICE.