WTI Tumbles to Two-Year Low as Saudi Arabia Cuts Price
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West Texas Intermediate dropped to the lowest level in more than two years after Saudi Arabia reduced the cost of its oil to U.S. customers in the face of soaring North American output.
Futures tumbled 2.2 percent in New York. Saudi Arabian Oil Co. cut prices for all grades to the U.S., the company said today in an e-mailed statement. The state-owned producer, known as Saudi Aramco, will sell Arab Light to clients in Asia for 10 cents less than Middle East benchmarks, compared with a November discount of $1.05. U.S. crude imports from Saudi Arabia fell to a four-year low last month.