The selloff continues after Saudi Aramco unexpectedly slashed the November official selling price for Arab Light to Asia to $5 per barrel below the Oman and Dubai average, the widest discount since June 2020. The kingdom aimed to maintain market share and offset surging shipping costs for Asian refiners, as charters for very large crude carriers to China now reach about $1.2M a day. While Aramco cut Asian prices, it raised prices for Northwest Europe by $3 to $0.85 above Brent and held US prices at $4.60 above ASCI.
Tuesday, October 20, 2026
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WTI Crude Hits $88 One Month Low on G7 Stockpile Releases
Commodities15 days ago
Brent crude for December slipped beneath $98 a barrel and WTI tumbled roughly 3% on Tuesday as recovering flows through the Strait of Hormuz and strategic injections by G7 nations reduced market anxiety. The decline brought West Texas Intermediate to around $88, its lowest price level in 30 days, according to market data and Reuters, following a peak above $105 in September.
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