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Aramco Raises Oil Pricing to Asia in Sign of Greater Demand

  • Arab Light crude set at 30 cent premium, highest this year
  • Pricing up for all grades to Asia, Mediterranean, most to U.S.
The Saudi Aramco oil facility in Saudi Arabia.
Photographer: Hassan Ammar/AFP via Getty Images
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Saudi Arabia raised oil pricing for October sales to Asia, increasing its lighter grades for a second consecutive month, in an indication the world’s largest crude exporter sees strengthening demand in its biggest market.

State-owned Saudi Arabian Oil Co., known as Saudi Aramco, increased its official pricing for Arab Light crude to Asia by 55 cents to 30 cents a barrel more than the regional benchmark, it said Monday in an emailed statement. The company had been expected to raise pricing by less than that, according to a Bloomberg survey.