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

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.

Crude oil futures turned lower in a volatile session, as a Bloomberg report said Saudi Arabia is open to additional significant OPEC+ production hikes after July in a bid for market share.