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Oil Up After Saudi Arabia Hikes Crude Prices for Asia, U.S. -Breaking

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© Reuters.

By Gina Lee

Investing.com – Oil was up Monday morning in Asia after for its crude headed to Asia and the U.S. Indirect talks between Iran and the U.S. to revive their 2015 nuclear agreement seem to be in stalemate.

By 10:22 ET, the price of $71.25 had risen 1.96% (3:22 AM GMT), and rose 2.01% to $67.59.

Saudi Arabia, the world’s top oil exporter, raised the selling prices for January crude oil by up 80 cents from the previous month. Even though the Organization of the Petroleum Exporting Countries plus its allies (OPEC+), decided last week to keep its original plan of increasing oil supplies by 400,000 barrels per hour in January, the increase was not unexpected.

Saudi Aramco It announced that it had raised its Arab Light grade, which is used by Asian customers, 60 cents in December from $3.30 to $3.30 a bar above the benchmark. Chief Executive Officer Amin Nasser said last week that he was “very optimistic” about demand and that the market had overreacted to the new omicron COVID-19 variant.

The black liquid also gained momentum from uncertainty about Iranian oil supply. While indirect talks between Iran and the U.S. to revive their nuclear agreement broke down last week, they will resume this week.

Kristalina Georgieva (International Monetary Fund) stated that Omicron would likely cause the International Monetary Fund to lower its estimates of global economic growth. Omicron was already present in around a third U.S. state as of Sunday. Investors continue to track its effects on fuel demand.

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