Oil prices were stable in the early trading session today, as expectations of price cuts from Saudi Arabia raised some concerns of softening demand amid increasing supply, ING's commodity experts Ewa Manthey and Warren Patterson note.

Saudi Arabia might cut prices on most of its crude grades

"Recent estimates suggest that Saudi Arabia could cut prices on most of its crude grades for buyers in Asia and other regions for next month. As per the recent estimates from Bloomberg, the state producer Saudi Aramco could lower the price of its flagship Arab Light crude to its biggest market by $1/bbl for shipments in October, reversing the price hike for September deliveries."

"Saudi Arabia previously raised its official selling price for September loadings of Arab Light to Asia at $3.20/bbl, up from $2.20/bbl in August."