Sources: Saudi Arabia expected to hike crude prices to Asia in July for third month - Reuters

Dhwani Mehta FXStreet

According to trade sources, Saudi Arabia is likely to lift prices for all crude grades it sells to Asia in July for a third straight month, Reuters reports.

A Reuters survey of four sources at refineries showed that the top oil exporter is likely to increase the official selling price (OSP) for flagship Arab Light crude by up to $1 a barrel to the highest since January 2014.

One of the sources said: The market structure “is very bullish but refining margins do not support that”.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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