Aramco Sets Asian Crude Selling Price at Six-Year Low

Brent crude was down more than 2% intraday at $97.45 per barrel when reported. Saudi Aramco lowered its official selling price for benchmark crude for Asian buyers to a six-year low.

WTI fell nearly 2% to $86.81 per barrel. Both oil benchmarks extended their declines on Oct. 6.

Persian Gulf oil producers are stepping up competition for market share in Asia. Shipments through the Strait of Hormuz are increasing as price competition among Middle Eastern exporters heats up.