Saudi Arabia raises oil price to Asia

FXStreet (Mumbai) - Saudi Arabia, the world’s largest crude exporter, raised prices for all May oil sales to Asia on signs of improvement in demand.

State-owned Saudi Arabian Oil Co. (Saudi Aramco) set the crude at a discount of 60 cents a barrel to the regional benchmark, taking the discount to its lowest since December. Saudi Aramco also increased the pricing of the other four grades it ships to Asia.

However, the producer cut prices for May sales to the US by 10 cents per barrel, and to the north-west Europe by 20 cents.