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Saudis to Hike Oil Price to Record Even as Traders See Risks

  • Aramco may increase key OSP by $1.50 a barrel for September
  • Traders flag possible turning point as refiners’ margins drop
Global crude prices are headed in July for their first back-to-back monthly loss since late 2020.

Global crude prices are headed in July for their first back-to-back monthly loss since late 2020.

Photographer: Simon Dawson/Bloomberg

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OPEC+ kingpin Saudi Arabia is expected to price its flagship crude to Asia at a record differential for September even as traders see the scope for a weaker spot market the following month, highlighting a potential turning point for the market.