💢 Saudi Aramco unexpectedly cut November crude prices for Asia to six-year lows, setting Arab Light at $5 a barrel below the Oman-Dubai benchmark, $3 lower than October. A Reuters survey had expected a price increase, while Arab Medium and Arab Heavy were cut by $5.

Reuters says Aramco has been seeking to offset record freight costs and defend its Asian market share after regional shipping disruptions.

By contrast, November prices for northwest Europe and the Mediterranean were raised by $3 across all grades, while US prices were left unchanged.

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