Saudi Aramco cuts Asia oil prices more than expected; U.S. and Brent crude fall 2% intraday.

BlockBeats news, October 6th, according to Bitget market data, US and Brent crude oil continued their decline, with Brent crude falling more than 2% intraday, now reported at $97.45 per barrel, and WTI crude falling nearly 2%, now reported at $86.81 per barrel.

On the news front, Saudi Aramco has cut the official selling price of its benchmark crude for Asia to the lowest level in six years, as Saudi Arabia and other Persian Gulf oil producers intensify their competition for market share in Asia. In addition, oil shipments through the Strait of Hormuz are increasing, and price competition among Middle Eastern exporters is heating up as a result.