Oil Drops From Two-Month High Amid Signs of Weak Asian Demand [Financial Post (Toronto, Ontario, Canada)]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Oil pulled back from a two-month high as Saudi Arabia cut prices to the Asia for a second month, signaling continued demand weakness in the region. West Texas Intermediate slid 0.2% to below $84 a barrel after closing at the highest settlement price since mid-April on Wednesday. Brent crude also edged lower on Thursday. Volumes are likely to be thin on Thursday due to a US holiday. Article content Saudi Aramco will reduce the price of its flagship Arab Light crude by 60 cents a barrel to $1.80 a barrel above the regional benchmark for shipment in August. Traders and refiners expected Aramco to lower the official selling price by 90 cents, according to a survey. Still, crude's declines were limited by a drop of more than 12 million barrels in US crude inventories last week, the biggest decline in almost a year. Hurricane Beryl, meanwhile, is disr
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