Oil Price Upticks after Saudi Aramco Raises Price for Asia
Aramco raising oil prices reflects strong demand amid tighter supply by OPEC+
Oil prices are on an upward tick after Saudi Arabia’s state-owned oil producer Aramco raised its official selling price for Asia.
Brent Crude is up by 1.09% trading at $83.64 while WTI Crude oil inched up by 1.17% trading at $82.22.
Aramco on Friday raised its December official selling price for its Arab light crude to $2.70 a barrel.
ANZ Research as reported by Reuters noted demand remains strong amid tight supply by OPEC and other major oil exporters.
Earlier last week, OPEC+ agreed to stick to their previous plan to raise oil output by 400,000 barrels per day from December defying U.S. request to raise output. This has set speculation in the market U.S. might release inventory from its reserve.
