Saudi Arabia Sets August Crude Prices to Asia at Near-record High

Demand for crude oil in Asia has been strong, with refining margins for gasoline, diesel and jet oil hitting record highs.

Florence Tan and Muyu Xu, Reuters

Saudi Arabia, the world's top oil exporter, raised August crude oil prices for Asian buyers to near record levels amid tight supply and robust demand.

The official selling price (OSP) for August-loading Arab Light to Asia was raised by $2.80 a barrel from July to $9.30 a barrel over Oman/Dubai quotes, state oil producer Saudi Aramco said on July 4, close to the record high premium of $9.35 per barrel hit in May.

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