On Tuesday, Saudi Arabia reduced the official selling price of its flagship Arab Light for Asian buyers in January.
This is the first price reduction for the last seven months, Reuters noted in a report, but it is a modest one, at $0.50 per barrel. .
U.S. crude declined nearly 4% on Wednesday with retail gasoline prices hitting the lowest point this year ahead of the holiday shopping and travel season.
Saudi Arabia is expected to cut its official selling price for crude to Asian buyers due to higher competition from non-Middle Eastern oil since the OPEC production cuts.