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Saudi Arabia Hikes Oil Prices Further Into Record Territory

  • Aramco raises Arab Light for Asia to $9.35 per barrel for May
  • ‘It’s a massive increase,’ says UBS commodity analyst Staunovo
The Khurais Processing Department in the Khurais oil field in Khurais, Saudi Arabia. 

The Khurais Processing Department in the Khurais oil field in Khurais, Saudi Arabia. 

Photographer: Maya Sidiqqui/Bloomberg
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Saudi Arabia raised oil prices for customers in all regions as Russia’s invasion of Ukraine continues to reverberate through markets.

State producer Saudi Aramco increased its Arab Light crude for next month’s shipments to Asia to $9.35 a barrel above the benchmark it uses. That’s a jump of $4.40 a barrel from April, when the key grade was already at a record. The move was roughly in line with a Bloomberg survey of traders and refiners last week.