Aramco raises oil pricing for Asia in sign of greater demand

DUBAI: Saudi Arabia raised oil pricing for October sales to Asia, increasing its lighter grades for a second consecutive month, in an indication the world’s largest crude exporter sees strengthening demand in its biggest market.

State-owned Saudi Arabian Oil Co, known as Saudi Aramco, increased its official pricing for Arab Light crude to Asia by 55 cents to 30 cents a barrel more than the regional benchmark, it said on Monday in an emailed statement. The company had been expected to raise pricing by less than that, according to a Bloomberg survey.