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Saudi Aramco raised crude pricing for August sales of all its grades to Asia as global supply cuts and reviving demand buoy the oil market.
The state producer in Saudi Arabia increased its official selling price for flagship Arab Light crude to buyers in Asia to a premium of $1.20 a barrel over the Middle East benchmark, according to people with knowledge of the decision. The increase was less than the expected gain, which would have lifted the premium to $1.45, according to the median estimates in a Bloomberg survey of eight traders and refiners.
