Middle East supply rise impacts Saudi crude

A Reuters poll predicted that Saudi Arabia will lower the official selling price of Arab Light crude in Asia for August to its lowest level in four months, due to increased supplies and declining spot market prices. Additionally, weak demand from China and rising shipments through the Gulf of Oman contribute to this trend. The narrowing price spreads between Oman crude and the return of oil exports from the region also reflect diminishing concerns over supply disruptions.

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