Saudi Arabia Moves to Prop Up Oil Market by Raising Prices
- Increases show Saudis determined to support crude market rally
- Saudi Aramco narrows discounts the most to Europe, Med region
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Saudi Arabia moved to prop up a nascent recovery in energy markets by raising crude prices for its customers worldwide, triggering a rally in oil futures.
State-owned Saudi Aramco increased pricing for most of its grades for shipment in June, according to a list seen by Bloomberg. The world’s biggest exporter is simultaneously cutting production as part of a global pact aimed at tightening supply and buttressing prices. Brent crude gained as much as 7%.