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Oil

Saudi Arabia raises April crude official prices to Asia at plus $1.40 per barrel

Published: Updated:

Saudi Arabia's state oil producer Aramco set its April official selling price (OSP) for its Arab Light crude to Asia at plus $1.40 per barrel versus the Oman/Dubai average, up $0.40 from March, according to a statement issued on Sunday.

It set its Arab Light OSP to Northwest Europe at minus $2.20 per barrel against ICE Brent compared with minus $0.50 in March. The OSP to the United States was set at plus $0.95 a barrel over Argus Sour Crude Index (ASCI) for April, $0.10 above March's premium.

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Oil prices jumped more than 2 percent last Friday, hitting their highest in nearly 14 months after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.

Brent crude futures were up $1.75, or 2.6 percent, at $68.49 a barrel by 1250 GMT on Friday and US West Texas Intermediate (WTI) crude futures climbed $1.49, or 2.3 percent, to $65.32 as both remained on track for weekly gains.

OPEC countries led by Saudi Arabia joined with non-members led by Russia reached the deal in an online meeting Thursday. Most significantly, one million barrels per day in voluntary cuts from Saudi Arabia will remain in place at least through April.