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Saudi Arabia, world's largest exporter has raised its price again for Asia, as demand for light crude from the region remains high. On the other hand it has cut its prices for Europe.
Saudi Arabia's state owned oil company Saudi Aramco in its statement said that price differential for Arab light crude would rise by 50 cents for Asia customers.
The rise was though expected among the oil traders and China was seen bidding for this grade strongly.
For Europe to gain share Saudi Aramco has reduced price for the same grade by 40 cents/barrel, which makes it $3.05/barrel cheaper than average Brent.
Brent, which is being used by Middle East as benchmark gained 50 cents over North American benchmark WTI.
On the other hand WTI has failed to gain over EIA report, which showed reduction in inventory by -4.4 million barrels.
WTI is currently trading at $45.7/barrel and Brent is trading at $4.5/barrel premium.
