Saudi Arabia has cut its official selling prices for crude oil in the latest sign that demand recovery is stumbling, Bloomberg reports , adding that this is the first time Riyadh has cut its oil prices to a discount against the benchmark since June. Prices were lowered both for Asian and U.S. buyers this time, after Aramco kept its prices higher for U.S. refiners for six months in a row. For Asian buyers, this was the second consecutive month of price cuts, which suggests that the appetite for Saudi oil is dwindling after Chinese refiners spent the better part of the year stocking up on cheap crude amid the price crash and the pandemic. In China, a key market, Saudi Arabia has been losing market share to its geopolitical partner, the United States, over the last few months. China has imported record volumes of crude oil in recent months, […]