Worldwide Oil Price Jumps Amid Supply Fears

Crude hits $120 the barrel as Saudi Persia hikes prices for Asian countries

Saudi Arabia’s oil and gas giant Saudi Aramco has unexpectedly raised its selling prices for Asia, sparking global concerns over tightening supplies.

The world’s largest oil exporter increased the official July price for its flagship Arab light crude by $2. 10 a barrel from the June level, Aramco announced on Sunday. The hike was much larger compared to market expectations of a $1-$1. 50 move, Reuters reports, citing market analysts.

The Brent primitive benchmark gained 42 pennies above $120 a barrel or clip at 09: 15 GMT on Monday, while the ALL OF US benchmark West Texas Intermediate (WTI) was up 35 cents, trading above $119 a barrel, nearing a three-month high.

Earlier in June, OPEC member states and allied producers announced plans to boost oil output in the arriving months by 648, 500 barrels per day instead of the planned monthly increase of 432, 000 bpd. This adopted a global spike in prices during May, on issues over Ukraine-related Western sanctions and their potential impact on Russian oil exports.

Analysts predict that will oil prices will rise further despite OPEC’s guaranteed production boost, which they watch as insufficient in the face of the united states summer driving demand rise, the easing of Covid-19 lockdowns in China, plus uncertainty over Russian supplies.

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