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Iraq slashed prices for all of its crude grades for sale to Asia and the US for next month, following similar cuts by Saudi and other Gulf counterparts, Bloomberg reports.

Basrah Heavy to Asia set at $1 a barrel discount, down from a $1.50 premium in September.

Iraq also cuts all pricing to the US, Basrah Light set at 40 cents a barrel premium to benchmark.

Saudi Arabia made the deepest monthly crude oil price cuts for its Asian customers in early September.

Market reaction

Both crude benchmarks trade with modest gains on Monday, in light of the upbeat market mood and rumored Iran-US geopolitical developments. WTI adds 0.50% to trade around $37.50 while Brent battles $40.