Saudi Arabia raises oil prices to Asia in sign of strength

Saudi Arabia raises oil prices to Asia in sign of strength

Saudi Arabia raised pricing slightly for its flagship crude oil shipped to Asia, the first sign of strength in the physical market after a month-and-a-half of weakness and crashing refining margins.

The increase in November pricing marks a change in course for the world's biggest exporter after it pared prices in September and October as crude use stagnated. It's potentially a sign of confidence that OPEC+ supply cuts will buoy the market even as the pandemic crimps demand.

State oil producer Saudi Aramco raised pricing for Arab Light crude for Asia, its largest regional market, by 10 cents a barrel to 40 cents less than the benchmark. Aramco had been expected to increase pricing for the grade by as much as 20 cents a barrel, to a discount of 30 cents below