The Nov’25 Brent futures contract climbed to a high of $67.04/bbl at 12:50 BST this afternoon but softened to $65.85/bbl by 15:00 BST, where it marked a floor and sits at $66.05/bbl at the time of writing (17:25 BST). Saudi Aramco announced larger-than-expected cuts to the October 2025 official selling prices (OSPs) of its crude grades to Asian buyers, cutting the price of Arab Light Crude by $1 m/m to +$2.20 over the average of Oman and Dubai prices, compared with the expected $0.55/bbl decrease based on the change in cash Dubai’s premium to Dubai swaps m/m at the end of August. The OSP for Arab Extra Light crude to Asia also fell by $1/bbl m/m in October, while those for Arab Medium and Arab Heavy declined by 90 cents m/m. In other news, a Reuters analysis of Q2 2025 earnings announcements showed that lower oil prices and rising costs have pushed 22 public US producers, including Occidental Petroleum Corp, ConocoPhillips and Diamondback Energy, to cut their capital expenditures by $2 billion. The analysis did not include US oil majors ExxonMobil and Chevron. In macro news, German exports unexpectedly eased by 0.6% m/m in July, as per data from the federal statistics office. Exports to the US were down 7.9% in June 2025. Moreover, the Sentix survey of investor sentiment in the euro zone fell to -9.2 in September, from -3.7 in August. Germany saw its index decline by 9.4 points m/m to -22.1 in September. Elsewhere, China’s export growth slowed to a six-month low of +4.4% y/y in August (prev: +7.2%). Imports increased by 1.3%, y/y following +4.1% y/y last month. Finally, at the time of writing, the front (Nov/Dec’25) and the six-month (Nov/May’26) Brent futures spreads are at $0.38/bbl and $0.96/bbl, respectively.
