November 4, 2019 / 1:46 PM / 14 days ago

Saudi Arabia raises December crude oil prices to Asia

DUBAI (Reuters) - Saudi Arabia has raised its December official selling price (OSP) for its Arab Light grade for Asian customers by $0.40 a barrel versus November to a premium of $3.40 per barrel to the Oman/Dubai average, state oil company Aramco said on Monday.

The world’s top oil exporter was expected to raise prices of light crude grades it sells to Asia in December amid higher Middle East benchmarks, while a slump in fuel oil margins could lead to a deep price cut for its heavy grade, a Reuters survey showed.

Saudi Arabia raised its December Arab Light OSP for Northwest Europe, setting it at a discount of $0.05 a barrel to ICE Brent, up $2.80 a barrel from November.

The Arab Light OSP to the United States was set at a premium of $3.35 a barrel to the Argus Sour Crude Index (ASCI) for December, up 40 cents from the previous month.

Reporting by Rania El Gamal, editing by Louise Heavens

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