Saudi Arabia Cuts Oil Prices for U.S., Europe for May

(Bloomberg) — Saudi Aramco, the world

Crude oil supplies climbed 2.84 million barrels last week to the highest level since July 1993, the Energy Department reported April 1. The Organization of Petroleum Exporting Countries cut oil output by 1.2 percent to an average 27.395 million barrels a day last month, according to a Bloomberg News survey released on April 1.

Saudi Arab Light Crude was reduced by $4.15 a barrel in the U.S. and will sell for $2.25 less than WTI, Saudi Aramco said. Its April price was $1.90 more than WTI.

Bloomberg