Saudi Arabia on Sunday lowered the prices it charges for crude oil in Europe. Saudi Arabian Oil Co., the country's state-owned oil company, said that it cut its light crude by $0.35 a barrel to Northwest Europe and by $0.10 a barrel in the Mediterranean for July delivery.

Saudi Arabia tries to defend its market share as Iran was raising its oil exports after the lift-off of the sanctions.

Saudi Arabia raised its light-crude prices by $0.35 a barrel to the Far East and by $0.10 a barrel to the U.S.