Oil Prices Up After Saudi Price Hike

Published December 6th, 2021 - 08:20 GMT
Oil Prices Up After Saudi Price Hike
Saudi Arabia increased its oil prices for customers in Asia and the U.S. for January. (Shutterstock)

Oil Prices were up  by more than $1 a barrel on Monday after Saudi Arabia boosted the prices of its crude sold to Asia and the United States, suggesting the kingdom was confident in the outlook for oil demand despite the spread of the Omicron variant of the coronavirus.

U.S. West Texas Intermediate crude for January were at $67.89 a barrel, up $1.63, or 2.5% while brent crude futures for February gained $1.61, or 2.3%, to $71.49 a barrel by 07:20 GMT.

Saudi Arabia increased its oil prices for customers in Asia and the U.S. for January, just days after the OPEC+ alliance agreed to increase monthly output by 400,000 barrels per day for the same month.

Saudi Aramco raised its key Arab Light grade for customers in Asia by 60 cents from December to $3.30 a barrel above a benchmark, according to a statement from the state producer. 


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