Oil gains after Saudi price hike indicating confidence in the demand outlook

Arab News | Dec 6, 2021 at 11:44 AM
  • RIYADH: Oil prices rose after top exporter Saudi Arabia raised prices for its crude sold to Asia and the US, shrugging off worries around the omicron variant and suggesting confidence in the demand outlook.
  • Bloomberg reported that oil giant, 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.
  • The price hikes were implemented just days after OPEC+ had agreed to boost output in January.