Saudis pare crude prices to the west

Singapore: Saudi Arabia has cut the price of all its June-loading crude oil to Europe and the United States, while raising all prices to Asia, traders said yesterday.

Saudi Aramco cut prices to Europe by 20 to 70 cents a barrel, with flagship Arab Light crude set at a $4.40 discount to Brent weighted average, down 60 cents from the May price. Saudi Aramco cut prices to the US by a wider $1.40-1.65 a barrel.

Arab Light was set at a $3.10 discount to West Texas Intermediate, down by $1.65 from May.

Prices for Sidi Kerir were set at parity with prices at Ras Tanura for June, against a 35-cent premium for May.