- Aramco raised prices on its flagship Arab Light crude to Asia by $2.40 a barrel to $3.90 a barrel, the largest increase since August 2022
- Crude futures found some support in early trade
- The price hike is attributed to surging premiums for Middle Eastern crude, after sanctions on Russian flows sent Asian refiners looking for alternatives to replace those sanctioned barrels
- Oil prices continue to drag
- The news from Saudi Arabia managed to stem the previous day’s sell-off, WTI crude was up 48 cents, or 0.7%, at $71.51
- Oil prices slid by more than 2% on Wednesday as the EIA reported an increase of 8.7 MMBbl in US crude inventories for the week ended January 31
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