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Saudi Arabia Raises Oil Prices to Asia for Fourth Month in a Row
Saudi Arabia raised prices for its crude oil to Asia for the fourth month in a row, indicating a tightening market after the kingdom once again extended its unilateral supply reduction. State-owned Saudi Aramco raised its flagship Arab Light price to Asia in October by 10 cents to $3.60 a barrel more than the benchmark, the highest since December, according to a price list seen by Bloomberg. The hike was lower than an expected 30-cent increase in a Bloomberg survey. The move comes after Saudi Arabia said this week that it will prolong supply cuts into December. It will hold output at about 9 million barrels a day, ... (full story)