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Oil Rises After Crude Price Hike by Saudi Arabia

By David Ho AiVIF.com – Oil was up on Monday morning in Asia after Saudi Arabia raised the price steeply for its crude sales in July, a sign that supplies remain tight even...
Oil Rises After Crude Price Hike by Saudi Arabia © Reuters

By David Ho

AiVIF.com – Oil was up on Monday morning in Asia after Saudi Arabia raised the price steeply for its crude sales in July, a sign that supplies remain tight even though OPEC+ agreed to accelerate its output increases over the next two months.

Brent oil futures rose 0.62% to $120.46 by 10:06 PM ET (2:06 AM GMT) and crude oil WTI futures jumped 0.67% to $119.42.

Saudi Arabia hiked the official selling price (OSP) for its flagship Arab Light crude to Asia to a $6.50 premium versus the average of the Oman and Dubai benchmarks, up from a premium of $4.40 in June, announced state oil produce Aramco (TADAWUL:2222) on Sunday.

The decision arrived despite a call last week by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to increase output in July and August by 648,000 barrels per day, or 50% more than previously planned.

"Mere days after opening the spigots a bit wider, Saudi Arabia wasted little time hiking its official selling price for Asia, its primary market...seeing knock-on effects at the futures open across the oil market spectrum," said Stephen Innes, SPI Asset Management managing partner, in a note.

Saudi Arabia also increased the Arab Light OSP to northwest Europe to $4.30 above ICE (NYSE:ICE) Brent for July, up from a premium of $2.10 in June. But it held the premium steady for barrels going to the United States at $5.65 above the Argus Sour Crude Index (ASCI).

The OPEC+ decision for output hikes is widely thought of as unlikely to meet demand as several member countries, including Russia, are unable to boost output. Meanwhile, demand is soaring in the United States amid peak driving season and China is easing COVID lockdowns.

"While that increase is sorely needed, it falls short of demand growth expectations, especially with the EU's partial ban on Russian oil imports also factored in," Commonwealth Bank analyst Vivek Dhar said in a note.

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01-05-2024 10:45:17 (UTC+7)

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1.0658

-0.0008 (-0.07%)

Summary

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Moving Avg:

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Sell (12)

Indicators:

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Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

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↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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GBP/USD

1.2475

-0.0015 (-0.12%)

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↑ Sell

Moving Avg:

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USD/JPY

157.91

+0.12 (+0.07%)

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0.6469

-0.0003 (-0.05%)

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Neutral

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1.3780

+0.0003 (+0.03%)

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168.32

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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SJC Eximbank8,300/ 8,500
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Cập nhật lúc 10:45:15 01/05/2024
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