Saudi Arabia hiked the price of its flagship crude to Asia by the most in more than two years as the kingdom responds to surging premiums for Middle Eastern crude and improving refinery margins.

Oil prices edged up on Thursday after Saudi Arabia raised prices for March. However, the previous day’s decline in benchmark Brent prices was the largest in almost three months, and the increase was insignificant in comparison.

Aramco raised the official selling price for flagship Arab Light crude by $2.40 to $3.90 per barrel above the Oman/Dubai benchmark average, Saudi Aramco said in a statement on Wednesday, Reuters reported. The oil exporter steeply increased crude prices for March shipments across all other regions as well.

West Texas Intermediate (WTI) Oil price holds modest gains after three consecutive days of losses, trading around $71.10 per barrel during European trading hours on Thursday. This rebound in crude Oil prices comes after Saudi Arabia’s state Oil giant, Aramco, raised prices for Asian buyers.

Crude futures found some support in early trade after Saudi Arabia lifted prices for March loadings of all crude grades it exports amid surging premiums for Middle Eastern oil. State-owned oil giant Aramco's flagship Arab Light crude to Asia,

State oil producer Saudi Aramco (TADAWUL:2222) has increased the price of its Arab Light oil to Asia for March by $2.40 a barrel. This adjustment, the largest since August 2022, surpasses the $2 increase that traders and refiners had anticipated,

Saudi Arabia hiked the price of its flagship crude to Asia by the most in more than two years as the kingdom responds to surging premiums for Middle Eastern crude and improving refinery margins. Most

SAUDI Arabia hiked the price of its flagship crude to Asia by the most in more than two years as the kingdom responds to surging premiums for Middle Eastern crude and improving refinery margins. Read more at The Business Times.