Saudi Arabia hikes July crude prices surprisingly high for Asia 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 (OSP) 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 market forecasts of an increase between $1 and $1.5.
“The price jump is unexpected, especially the Arab Light. We are puzzled by the decision,” said an Asian oil trader.