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Robust Asian Demand Drives Saudi Oil Price Hikes
The world’s top crude oil exporter, Saudi Arabia, bets on robust demand in Asia as it raised the prices of its oil loading in September for a second month in a row. The flagship Saudi grade Arab Light will sell in Asia in September at a premium of $3.20 per barrel above the Oman/Dubai average, the Middle East benchmark, off which shipments to Asia are priced. The hike is $1.00 a barrel above the August price, as well as the second consecutive rise in the price of Arab Light loading for Asia. Last month, Saudi oil giant…