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OIL: SAUDI ARABIA HIKES JULY CRUDE PRICES HIGHER THAN EXPECTED FOR ASIAN BUYERS

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.

Oil tanks at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia.


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

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