Significant rise in oil prices after a surprise move from Saudi Arabia

Oil prices rose more than 1% today, Tuesday, after Saudi Arabia, the world’s largest oil exporter, unexpectedly raised its sales prices for March in Asia, Europe and the US.

By 09:33 Moscow time, futures for US oil were trading at $75.23 per barrel, up 1.51% from the previous settlement price.

Brent futures traded at $82.11 a barrel, up 1.38% from the previous close, according to Bloomberg.

Saudi energy company Aramco’s decision to raise crude oil sales prices for March next year to Asia, Europe and the US came despite crude oil prices falling by about 7% this year.

In the markets, investors are also evaluating the impact of the devastating earthquake in Turkey and Syria on markets amid optimistic demand expectations from China.

Yesterday, a devastating earthquake hit Turkey and Syria, as a result of which shipping operations were stopped in the large Turkish oil port of Ceyhan, and the operation of the largest oil refinery in the Tartu province was suspended in Syria.

Prices were supported by hopes for a recovery in demand from China after the easing of quarantine restrictions, which had a positive impact on the economic outlook. China is one of the largest consumers and importers of oil, so the prospects for the country’s economy influence the prospects for oil demand.

Source: News + Bloomberg

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