DUBAI/NEW JERSEY (Dec 5): Saudi Arabia raised oil prices for buyers in Asia and the US, signalling it sees demand staying strong despite the spread of the Omicron variant of the coronavirus. Saudi Aramco increased January's prices for all crude grades that will be shipped to Asia and to the US, according to a statement from the state producer. The company raised its key Arab Light grade for customers in Asia by 60 cents from December to US$3.30 a barrel above a benchmark. Saudi Arabia sends more than 60% of its crude exports to Asia, with China, South Korea, Japan, and India being the biggest buyers. Aramco's official selling prices, or OSPs, serve as a bellwether for oil markets and often lead the pricing trend in the region.

Source: The Edge Markets December 05, 2021 21:35 UTC