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    Home » Oil Jumps to Three-Month High of $120 as Saudi Hikes Selling Prices for Asia
    Indices News

    Oil Jumps to Three-Month High of $120 as Saudi Hikes Selling Prices for Asia

    June 6, 20221 Min Read
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    Oil Jumps
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    Oil prices surged after Saudi Arabia retaliated confidence in demand with a bigger-than-projected price increase of its crude oil for Asia.

    • West Texas Intermediate rose to almost $120 per barrel after initially rising to the highest level in three months.
    • Saudi Arabia increased selling prices for Asian customers in July as China bounces back from virus lockdowns that have hampered the economy.
    • Aramco increased its crude oil for Asian clients by $2.10 per barrel from June to $6.50 above its benchmark. The market was anticipating an increase of $1.50.

    Oil prices have skyrocketed nearly 60% this year as recovering demand from economies from the pandemic coincided with the impacts of Russia’s invasion of Ukraine.

    CL! up +0.27%, USOIL down -1.25%

    Source: Bloomberg

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