(Bloomberg) — Oil held a second weekly decline after Saudi Arabia reduced its crude prices for Asia by more than expected, while the market watches for any fallout following the toppling of the Syrian regime.
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Brent futures traded near $71 a barrel and West Texas Intermediate was above $67. Saudi Aramco cut its oil prices after OPEC+ further delayed a resumption of idled production, underscoring the weak market outlook. The fall of the Syrian government, meanwhile, is sending shockwaves through the Middle East and will be a blow to longtime backers Russia and Iran.
Crude has been confined to a tight range since mid-October, with bullish geopolitical developments in the Middle East and Ukraine countered by weak Chinese demand and ample supply. The market is facing a glut next year, meaning there is little room for a significant output boost from OPEC+.
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