News

Saudi Arabia cuts May oil prices to Asia close to four-year low after OPEC+ supply boost

Saudi Arabia, the world's top oil exporter, on Sunday slashed its prices for Asian buyers to close to their lowest level in four years, adding to speculation it is seeking to regain market share as part of OPEC+'s strategy to speed up oil output hikes. State oil company Saudi Aramco cut the May official selling price (OSP) for flagship Arab Light crude by $2.30 to $1.20 a barrel above the average of Oman and Dubai prices, a pricing document from the producer showed. The drop marks the biggest decline in more than two years and is the second consecutive month Aramco has lowered its prices, Reuters' record of Saudi OSPs showed.

How Might New Tariffs Affect Bitcoin?

Bitcoin (CRYPTO: BTC) fell by 5.4% on April 3 as the Trump administration's newly announced tariff policies were digested by the market. Now, with economic uncertainty sky-high and investors looking for havens from the turmoil, it's an open question whether the tariffs might deal severe harm to the cryptocurrency sector -- or if crypto might just end up getting dragged down along with everything else. The first thing that investors need to realize -- if they don't already -- is that Bitcoin is not something that's commonly used as a medium for processing international trade payments.

Mideast Stocks, Aramco Sink on Twin Threat From Tariffs, Oil

(Bloomberg) -- Main equity benchmarks in Middle East countries including Saudi Arabia sank the most since 2020 on Sunday as investors reacted to the risks of a fresh global trade war and depressed oil prices.Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersBoston Mayor Wu Embraces Trump Resistance as Campaign Heats UpThis Skinny Mexico City Tower Is Just 14 Feet Wide on One SideThe Irish Hot Press Is the Low-Tech Laundry Trick the World NeedsWhat Would ‘Transportation A