Saudi Arabia jacks up April oil prices for Asia & Europe
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Saudi Arabia signalled it sees oil demand picking up in Asia and Europe by raising most prices for crude shipments to the regions.

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.

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