Saudi Arabia cut its July crude oil selling prices for customers in Asia, Europe, and the United States for a second consecutive month as weakening demand and lower Middle Eastern crude premiums weighed on the market.

Saudi Aramco set the official selling price for July loadings of its Arab Light crude to Asia at $9.50 above regional benchmarks, down from a premium of $15.50 a barrel in June.

Saudi Arabia cut its July crude oil selling prices for customers in Asia, Europe, and the United States for a second consecutive month as weakening demand and lower Middle Eastern…