By Will Horner

Saudi Arabia cut its December selling prices for the flagship light crude, which it ships to Asia, but raised prices for buyers in Europe, the country’s state-owned oil producer said late Thursday.

Saudi Arabian Oil Co. cut the price of its benchmark Arab Light crude, which is sold to Asia, by $0.40 a barrel. The medium and heavy grades were also reduced by $0.80 and $1.20 per barrel, respectively. Prices for the extra light grade were increased by $0.10 per barrel.