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  • 07-06-22

    Oil prices increase after Saudi Arabia decision to raise crude prices in July

    (MENAFN) Oil prices jumped on Monday as Saudi Arabia's decision to increase crude prices for its trades in July raised supply worries even though the OPEC+ group promised a limited production growth.

    International main Brent crude was exchanging at USD120.38 a barrel at 0640GMT for a 0.55 percent rise after ending the prior session at USD119.72 per barrel.

    American main West Texas Intermediate stood at USD119.53 a barrel at the same time for a 0.55 percent surge after the prior session ended at USD118.87 a barrel.

    Saudi Arabia, the world's top oil exporter, increased the oil costs for its Asian clienteles as numerous economies in the area lift COVID-19 sanctions, driving supply pressure on charges amid an increasing request in the district against limited supply.

    MENAFN07062022000045014228ID1104335163

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