Saudis Raise Oil Prices To Asia As Demand Spikes

Emboldened by strong prompt demand amid tighter oil supply due to the U.S. sanctions on Venezuela and Iran, the world’s top oil exporter Saudi Arabia is expected to raise the prices of the crude grades it sells on its premium market, Asia, for July, trade sources told Reuters on Thursday.

The Saudis could raise the price of their flagship Arab Light crude grade by up to $1 per barrel.

The price for Arab Light with a June delivery date is now the highest in almost a year, with Arab Medium selling at the highest price since the end of 2013, and Arab Heavy at a six-year high.

Read the full article here
Source: Oilprice.com