Oil Market Softens as Signs of a Glut Overwhelm Saudi Pledges
- Saudi Arabia cuts crude prices to Asia by 50 cents a barrel
- WTI futures fall for fourth day to fresh five-month low
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Key oil market gauges indicate that supplies are outstripping demand, overshadowing Saudi Arabia’s pledges that OPEC+ will deliver on its planned production cuts.
Saudi Arabia on Tuesday lowered its official crude selling prices to Asia for next month, a sign of market weakness as OPEC and its allies deepen output curbs to avoid a surplus. At the same time, US crude exports are expected to hit a record of nearly 6 million barrels a day, pushing WTI timespreads to hover near February lows.