Commodities
Saudi Arabia Hikes Oil Selling Prices for All Grades to Asia
- Aramco boosts Arab Light price to Asia for a third month
- OPEC+ seen extending supply cuts; prices likely to hit margins
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Saudi Arabia raised the price of its flagship crude to Asia for a third consecutive month, as the kingdom tries to tighten the oil market to prevent a global surplus.
State-owned Saudi Aramco raised the June official selling price of Arab Light crude for customers in Asia by 90 cents to $2.90 a barrel above the regional Oman-Dubai benchmark, according to a price list seen by Bloomberg. It compares with an increase of 60 cents forecast in a Bloomberg survey of six refiners. Prices for other lighter and heavier varieties were also increased from May.