Brent Tumbles to 27-Month Low After Saudis Cut Prices
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Brent crude dropped to the lowest level in more than two years after Saudi Arabia cut its November official selling prices to all areas. West Texas Intermediate crude slipped to a 17-month low.
Both grades retreated after the Saudi Arabian Oil Co. trimmed its benchmark Arab Light prices to customers in Asia, Europe and the U.S. WTI rose as much as 2 percent earlier as the U.S. Energy Information Administration said the country’s crude supplies slipped 1.36 million barrels to 356.6 million.