Muscat Daily

Saudi Arabia lifts oil price for Asian buyers

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Saudi Arabia unexpected­ly raised the price of its key Arab Light crude in Asia in a move that was interprete­d bullishly by futures traders.

The state-run Saudi Arabian Oil Co, or Saudi Aramco as it’s better known, raised its official selling price for the grade by ten cents a barrel, lifting the differenti­al to US$1.20 a barrel above a Middle East benchmark for May loadings, according to in an emailed price list as reported by Bloomberg. Refiners and traders had anticipate­d a 60 cent a barrel decrease, according to a survey last week.

The kingdom’s prices matter because they set markers for producers across the Middle East, helping to shape what refineries globally pay for crude from the world’s key export region.

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