Oil prices to Asian customers up 90 cents/barrel
Saudi Aramco has raised oil prices for all grades of crude it sells to Asia for December loading, two sources with knowledge of the matter said on Thursday.
The December price for Saudi Arab Light crude for Asian customers rose by 90 cents a barrel from the previous month to a premium of 45 cents a barrel to the Oman/Dubai average, they said.
The price hikes, within the industry’s expectations, tracked the strength of the Dubai crude price benchmark and improved refining margins in Asia. Crude oil demand in Asia has been robust to meet peak winter consumption.
Saudi Aramco raised the December OSP for Arab Medium crude by a larger extent than that for Arab Heavy as oilfield maintenance in Saudi Arabia reduced output of the medium grade, the sources said.
(Reporting by Florence Tan; Editing by Himani Sarkar and Christian Schmollinger)
