Saudi Arabia may raise Aug crude prices to Asia to near record levels

OPEC”s top oil exporter, Saudi Arabia, is reported to raise prices of light crude grades to Asia for the second straight month in August, Reuters cites.  

The price surge by Saudi comes on the back of record distillate margins and strong spot premiums for Middle Eastern oil this month.

Additional details

The official selling price (OSP) for Saudi's flagship Arab Light crude could rise by about $2.4 a barrel from the previous month, according to nine refining sources surveyed by Reuters on June 28-29.

The price hike would drive the August OSP close to record levels, set when May Arab Light crude reached $9.35 a barrel.