Saudi Aramco has raised the official selling price for its light crude oil to Asian buyers for the first time in three months, although it cut prices in other regions.
Saudi Aramco raised the official selling prices of its light crude for Asia n clients for the first time in three months, with the September price for flagship Arab Light up by $0.20 per barrel for September delivery. Aramco kept Arab Medium and Arab Heavy crude prices unchanged for Asia n buyers. With the hike, Arab Light will cost $2 per barrel over the Oman/Dubai average next month for Asia n buyers, although the increase was smaller than the amount analysts expected, which was 50%.
Discounts for European destinations were the greatest, at 2.75%, while prices for oil sent to the U.S. were cut by 0.75%. Chinese oil demand has been one of the biggest factors driving oil price movements lately, mostly determining a generally pessimistic mood on the market due to disappointing economic indicators and weaker oil import growth.
Oil Prices Saudi Arabia China Oil Demand Asia OPEC Crude Oil Energy Economy
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