Saudi raises light crude prices to Asia to six-year high – Reuters


Saudi Arabia raised on Monday its light crude prices that it offers to Asia in January to the highest in six years, per Reuters.

Additional Details:

“The rise in prices was mainly attributed to gains in the Middle East crude benchmark and higher margins for light distillates last month.

Tight supplies and increased demand for high-sulphur refining feedstock pushed the premium of the cash price for Middle East benchmark Dubai to swaps to the highest in six years in November.

In line with the gains, Saudi Aramco raised the January official selling price (OSP) for its Arab Light crude oil for Asian customers by 30 cents a barrel versus December to a premium of $3.70 per barrel to the Oman/Dubai average, the highest since January 2014.

The January OSP for Arab Extra Light sold to Asia was also raised to a six-year high after Aramco increased it by 70 cents to a premium of $5.80 a barrel.

For customers in Northwest Europe, Saudi Arabia reduced its January Arab Light OSP, setting it at a discount of $1.85 a barrel to ICE Brent, down $1.80 a barrel from December.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD extends the break above 0.70 on coronavirus vaccine hopes

AUD/USD extends its break above 0.7000, hitting the highest level in five weeks. The pair benefits from the risk-on market mood amid coronavirus vaccine hopes. The bulls remain undeterred by the latest US-China tensions. 

AUD/USD News

EUR/USD hits four-month high of 1.1423

EUR/USD prints a four-month high of 1.1423 in Asia. The pair witnessed a bullish breakout above 1.1349 on Tuesday. The pair closed well above 1.1349 on Tuesday, invalidating the bearish lower high setup created on the daily chart on June 23.

EUR/USD News

USD/JPY: All eyes on BOJ to extend run-up past-107.00

USD/JPY refreshes the intraday high following a U-turn from 107.15. Increasing hopes of virus vaccine follow Wall Street's performance to recall the bulls. News that Tokyo will raise the pandemic to the highest levels, fears of an escalation in the US-China tussle challenge sentiment.

USD/JPY News

Gold: Daily chart shows temporary uptrend exhaustion

Gold's daily chart shows a bearish divergence of the MACD, a sign of uptrend exhaustion. A break below the 10-day SMA could prove costly. The metal looks vulnerable to price pullback.

Gold News

Euro nears 4-month highs, CAD rate decision

Over the past few weeks, euro has been one of the best performing currencies. It rose to a nearly 4 month high versus the US dollar despite weaker than expected economic data.

Read more

Forex MAJORS

Cryptocurrencies

Signatures