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After sixth weekly gain, oil prices rise at beginning of the week

oil prices

Riyadh, (Business News Report)|| Oil prices rose at the beginning of this week’s trading, to continue the rally after the sixth weekly gain recorded last Friday.

Oil prices rose by about two dollars, as Brent crude futures recorded $121.78 a barrel, while US crude futures reached 120.99 dollars a barrel.

By the end of last week, WTI rose to settle above $118, posting a weekly gain of 3.3%.

Brent crude ended Friday’s trading at the level of $ 121.35, with gains of $3.74, or 3.18%.

On Thursday, the OPEC+ alliance agreed to increase production during July and August.

At the same time, job growth in the United States exceeded estimates, indicating continued economic growth that will boost demand for crude and refined products, according to a report published by Bloomberg.

In a separate context, Saudi Aramco announced the official selling prices for the crude oil it produces, for shipments for delivery next July.

The company raised the official selling prices more than expected, in light of the continued recovery of oil prices in the range of 115 to 120 dollars per barrel.

Aramco also raised the selling price of Arab Light crude to Asia by $2.10 to $6.50 a barrel above the Oman/Dubai average, compared to $4.40 a barrel above the Oman/Dubai average in June, and $9.35 a barrel above the Oman/Dubai average in May, and $4.4 in April.

Previous expectations indicated that Saudi Aramco intends to raise the selling prices of its benchmark crudes for July shipments to its customers in Asia, within the limits of an increase that does not exceed 1.5 dollars per barrel, according to Bloomberg Agency.

These expectations coincided with the increase in margins for refining gasoline and jet fuel, and the recovery of Chinese demand.

Sources had expected the Arab Light OSP to rise by more than $1.50 a barrel, while expectations from the rest of the people ranged between 85 cents and $1.40.

In early May, the Saudi oil giant reduced the official selling prices of its standard crudes to Asia, Europe and America, this June, by about 50%.

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