Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Oil Up After Saudi Arabia Hikes Crude Prices for Asia, U.S.

Commodities Dec 06, 2021 15:02
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Oil was up Monday morning in Asia after Saudi Arabia raised prices for its crude headed to Asia and the U.S. Meanwhile, indirect talks between the U.S. and Iran to revive a 2015 nuclear deal seem to have hit a deadlock.

Brent oil futures rose 1.96% to $71.25 by 10:22 PM ET (3:22 AM GMT) and WTI futures jumped 2.01% to $67.59.

Saudi Arabia, the world’s top oil exporter, raised the selling prices for January crude oil by up 80 cents from the previous month. The increase comes even after the Organization of the Petroleum Exporting Countries and allies (OPEC+) decided to stick to its plan of increasing supplies by 400,000 barrels per day in January at its meeting last week.

Saudi Aramco (SE:2222) raised its key Arab Light grade for Asian customers by 60 cents from December to $3.30 a barrel above a benchmark, it said in a statement. Chief Executive Officer Amin Nasser said last week that he was “very optimistic” about demand and that the market had overreacted to the new omicron COVID-19 variant.

Uncertainty about the likelihood of Iranian oil supplies also gave the black liquid a boost. Although indirect talks between the U.S. and Iran to revive the nuclear deal broke off last week, they are expected to resume in the middle of this week.

Meanwhile, International Monetary Fund managing director Kristalina Georgieva said that the institution will likely lower its global economic growth estimates due to omicron. Omicron has already spread to around a third of U.S. states as of Sunday, and investors continue to monitor its impact on fuel demand.

Oil Up After Saudi Arabia Hikes Crude Prices for Asia, U.S.
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email