Saudi Arabia raises January Arab Light crude oil prices to Asia

“Saudi Arabia's state oil producer Aramco raised its January official selling price (OSP) to Asia for its flagship Arab Light crude to $3.30 a barrel versus Oman/Dubai crude, up $0.60 from December, the company said on Sunday,” per Reuters.

“The company set the Arab Light OSP to Northwestern Europe at minus $1.30 per barrel versus ICE Brent and to the United States at plus $2.15 per barrel over ASCI (Argus Sour Crude Index),” adds the news published on late Sunday.

Market reaction

While following the news, WTI crude oil prices offered a gap-up to begin the week’s trading. That said, the black gold marks around 2.0% intraday gains while picking up bids to $67.40 during early Monday morning in Asia.