Saudi Arabia lowered the official selling prices (OSPs) for Oil deliveries to Asia in July only slightly, Commerzbank's commodity analyst Carsten Fritsch notes.

Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to close to the lowest level in four years on Wednesday, in what the market sees as the country's attempt to regain market share.

Saudi Aramco cut the price of its main oil grade to buyers in Asia after OPEC+ continued with its outsized output increases for a third month.