Saudi Arabia cut the official selling price of oil sent to Asia by 25-cents to +$2.55, according to reports.
Eamonn flagged this earlier, noting that it was expected to be cut by 40-cents (though some saw as much as $1). So that's minorly bullish and comes after three consecutive months of increasing the OSP. Still, a price cut doesn't speak to a market that's undersupplied, nor does the recent price action in crude. It plunged to $63.64 in a blowout early in Asia, though WTI crude oil is back to $68.17, it's still down 39-cents on the day and 10% on the week
