Saudi Arabia to raise crude prices

Tuesday, 03/01/2017 | 10:37 GMT

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Top oil exporter Saudi Arabia is expected to raise prices for all grades of crude it sells to Asia in February, tracking strength in the Dubai price benchmark and robust refining margins, traders said on Tuesday.

Reuters quoting traders that Saudi Arabia is expected to raise prices for all grades of crude it sells to Asia in February, tracking strength in the Dubai price benchmark and robust refining margins.

A Reuters survey of four traders showed that the official selling price (OSP) for flagship Arab Light crude could rise by at least 50 cents a barrel for February

Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.

Saudi Aramco officials as a matter of policy do not comment on the kingdom's monthly OSPs.

Source: https://www.ag-markets.com

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