Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer.
The official selling price for July-loading Arab Light to Asia was hiked by $2.1 a barrel from June to $6.5 a barrel over Oman/Dubai quotes, just off an all-time-high recorded in May.
That was much higher than most market forecasts of an increase of around $1.5. Only one respondent of six in a Reuters poll had predicted a jump of $2.
The hike came despite an agreement by OPEC+ states to boost output by 648,000 barrels per day in July and a similar amount in August.
Demand expectations rose on the back of the easing of some COVID-19 restrictions in China and the start of the U.S. summer driving season.
Brent crude firmed 0.6 percent to $120.40 a barrel at 0640 GMT after touching an intraday high of $121.95. U.S. West Texas Intermediate crude futures were up 0.5 percent at $119.48 a barrel after earlier hitting a three-month high of $120.99.
(With input from Agencies)
By Odoh Dominic Chukwuemeka
Your support matters.
Sustain independent journalism.
FOR ADVERT PLACEMENT CALL OR TEXT OUR WHATSAPP NUMBER; +886960917723, +886970840314
Click to Follow our website Dco-global-news.com
FaceBook Page; DCO Global News
DCO Global News Contacts;
For information on Press Releases, News, Advertisements, Videos, Photos, Events happenings, Promotional Events and Adverts, Share your stories with us, Please Call or Send a Text to our Whatsapp number; +886963563485, +886970840314.
Or send an email to; chionikdom02@yahoo.com, emydom29@gmail.com
(Like and Follow our Facebook Page; DCO Global News)
(Follow us on Twitter; @Dcoglobalnews)
(Follow us on LinkedIn; Dco Global News)
(Follow us on Tumblr; Dcoglobalnews)
(Follow us on Google +; Dco Global News TV)
(Subscribe to our YouTube Channel; DCO Global News TV)
Subscribe to our Telegram Channel DCO Global News.
Follow our Website http www. dco-global-news.com
Advertise with us.
Send us enquiries, Press releases.
DCO Global News Promotes the Values of Democracy, Human Rights, Values of Life and Freedom of Expression in a Region Where Genuine Media Freedom Remains Elusive and where many Media outlets remain Divided along Ethnic Lines.
Let’s 🚶 Walk the 🚶 Walk 🚶 Together.
Don’t miss a thing, get the latest updates to fuel your conversation daily.
For 2022, DCO Global News commit to another year of high-impact reporting that can counter misinformation and offer an authoritative, trustworthy source of news for everyone. With no shareholders or political owner, we set our own agenda and provide truth-seeking journalism that’s free from commercial and political influence. When it’s never mattered more, we can investigate and challenge without fear or favour.
(Support DCO Global News.)
LET’S HAVE YOUR SAY, LET’S KNOW YOUR THOUGHTS.
LIKE, SHARE AND COMMENT.
TEXT AD: To advertise here.
Call Dominic +886970840314…
© DGN NEWS MEDIA 2022.
All Rights Reserved.
DCO GLOBAL NEWS 