Oil Price Rises After Saudi Arabia Increases the Price of Crude Oil

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Oil prices rose on Monday after Saudi state-owned oil producer Aramco raised its official crude selling prices.

  • Brent crude was up 90 cents, or 1.1%, at $83.64 a barrel.
  • WTI crude rose 87 cents, or 1.1%, to $82.14 a barrel.

Aramco increased its December selling prices officially on Friday. Arab light oil sold to Asia is up $2.70 per barrel.

This price increase suggests that “demand remains strong” as OPEC producers and other major oil exporters maintain unchanged production capacity.

OPEC+ said last week that it will stick to its original plan to increase oil production by 400,000 barrels per day in December.

While the United States is asking OPEC+ to produce more barrels to support prices.

China’s oil imports fell to their lowest level in three years in October. The state refinery suspended purchases due to higher prices. Independent refiners are also limited to crude oil import quotas.

The Spot Market is Open

Monday, November 8, 2021

Energy
Updated at
USD
Price

Change

%Change
Crude oil
13.30

82.20

+0.93

1.14%

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