While oil futures have weakened slightly this year, many energy traders and executives see them climbing – perhaps to $100 a barrel – as China‘s economy recovers after the lifting of coronavirus lockdowns and inflation in other major economies decelerates.
State-controlled Saudi Aramco increased most official selling prices for Asia in April. The company’s main Arab Light grade was lifted to $2.50 a barrel above the regional benchmark, 50 cents more than the level for March.
That was in line with a Bloomberg survey of refiners and traders, which forecast a rise of 55 cents. It’s the second month running for which Aramco has increased prices for Asia, its biggest market.
Prices for US customers were left unchanged. Those for North-West Europe and the Mediterranean jumped by as much as $1.30 a barrel.
Brent crude has dipped 1% this year to just above $85 a barrel. It’s fallen from around $115 since mid-2022, with a slowing global economy and higher interest rates countering supply disruptions triggered by Russia’s war on Ukraine.
