Saudi Arabia Unexpectedly Lifts Key Oil Price for Asian Buyers
- Aramco cuts prices for all other grades to Asian market
- All crudes shipped to the Mediterranean are increased
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Saudi Arabia unexpectedly raised the price of its key Arab Light crude in Asia in a move that was interpreted bullishly by futures traders.
The state-run Saudi Arabian Oil Co., or Saudi Aramco as it’s better known, raised its official selling price for the grade by 10 cents a barrel, lifting the differential to $1.20 a barrel above a Middle East benchmark for May loadings, according to in an emailed price list on Thursday. Refiners and traders had anticipated a 60-cent-a barrel decrease, according to a survey last week.