Saudis hike crude price
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 for an increase around $1.5. Only one respondent of six in a Reuter’s poll had predicted a jump of $2.
“The price jump is unexpected, especially the Arab Light. We are puzzled by the decision,” said an Asian oil trader.
