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 Arabia lowered the July price of its Arab Light crude for Asian buyers after OPEC+ decided to accelerate output hikes.

Crude oil prices fell as traders reacted to a fuel inventory build and Saudi Arabia’s deeper-than-expected price cuts for Asian buyers.