News reports on Monday showed that OPEC's largest producer, Saudi Arabia, cut oil prices to Europe but at the same time increased prices for its Asian customers. State owned Saudi Aramco reportedly sent an email to its Northwest customers in Europe that prices for light crude oil were now being offered at a discount of 35 cents a barrel, and a discount of 10 cents to customers in the Mediterranean for July delivery. For its Asian customers, the light sweet pricing was increased by 35 cents. The price adjustments follow last week's OPEC meetings where the members failed to reach an agreement and instead left the re-balance to the markets.
German Manufacturing Orders Fall in April
Daily Analysis - 07/06/2016