Saudi Arabia, the world’s top oil exporter, has increased prices for Asian customers due to strong demand. This sent benchmark Brent and WTI prices up more than 3 percent.
State-owned Saudi Aramco reduced the discount on its Arab Light blend heading to Asia by 60 cents per barrel for May, a 30 cent increase from April and the second consecutive monthly increase. The company also boosted prices for four other grades it sends to Asia.
Global energy markets reacted to the increase, taking it as a sign that the demand may be slowly catching up with supply.