Iraq, Iran and Saudi Arabia reduce prices for their oil

Iraq, Iran and Saudi Arabia have reduced the prices for October deliveries of crude oil in order to protect their markets from Asian competitors, the Wall Street Journal reports.

For example, Saudi Arabia reduced the cost of a barrel by $0.3, Iraq by $0.35, and Iran by $0.5. Experts believe that such pricing was caused by the decline of China's economy, and this could lead to a general glut in the oil market, RBC reports.