Saudis Raise Oil Prices for Asia in Sign of Market Strength
- Aramco increases November pricing for Arab light crude to Asia
- U.S. buyers to see most crude grades unchanged next month
Photographer: Simon Dawson/Bloomberg
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Saudi Arabia raised pricing slightly for its flagship crude oil shipped to Asia, the first sign of strength in the physical market after a month and a half of weakness and falling refining margins.
The increase in November pricing marks a change for the world’s biggest exporter, which pared prices in September and October as crude demand stagnated. It suggests the Saudis are confident that OPEC+ supply cuts will buoy the market even as the pandemic continues to crimp demand.