By David Hodari
Saudi Arabian Oil Co. on Thursday raised all of the prices at which it will sell oil to Asia and Europe in July, while leaving unchanged its prices for the U.S. In doing so, Aramco provided a further signal of rebounding demand after OPEC confirmed bullish forecasts on Tuesday, sending oil prices to highs not seen in two years.
The state-run company, also known as Saudi Aramco, upped all prices for Far East Asia, raising its Arab light crude oil by 0.20 cents a barrel to a 1.90 cents-a-barrel premium to the Oman/Dubai average.
Meanwhile, Aramco increased its light crude sale price to Northwest Europe by 1.00 cents a barrel, leaving it at a 1.90-cents-a-barrel discount to Brent crude oil traded on the Intercontinental Exchange, while also lifting its light crude sale price for the Mediterranean by 0.90 cents a barrel to give it a 1.40-cents-a-barrel discount to ICE Brent.
Aramco left all of its prices for sale to the U.S. unchanged for July, holding its light crude price at a 1.05-cents-a-barrel premium to the Argus Sour Crude Index, or ASCI, which reflect the U.S. Gulf Coast medium-sour crude.
At 1516 GMT, Brent crude oil was up 0.2% at $71.49 a barrel and WTI futures were up 0.2% at $68.98 a barrel after the American Petroleum Institute released bullish inventory numbers late Wednesday.
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(END) Dow Jones Newswires