Saudi Arabia: Regime raises crude prices

Source: Reuters

“Oil futures gained on Monday, with Brent rising above $120 a barrel after Saudi Arabia raised prices for its crude sales in July, signalling tight supply even after OPEC+ producers agreed to accelerate output increases over the next two months. Brent crude firmed 68 cents, or 0.6%, to $120.40 a barrel at 0640 GMT after touching an intraday high of $121.95, extending a 1.8% gain from Friday. U.S. West Texas Intermediate (WTI) crude futures were up 61 cents, or 0.5%, at $119.48 a barrel after earlier hitting a three-month high of $120.99. …The price increase came despite a decision 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 planned.” (06/06/22)