According to traders, Saudi Arabia may raise the prices of crude oil exported to Asia in February, marking the first increase in three months and reflecting the pump trend of Middle East benchmark oil prices last month. A survey of six Asian refineries revealed that the official selling price of Arab Light crude oil in February may increase by 20-50 cents/barrel, after falling to a four-year low the previous month. Prices for other grades of crude oil (Arab Extra Light, Medium, and Heavy) are expected to rise by at least 30 cents. Last month, driven by uncertainty in the supply of Iranian and Russian crude oil, the premiums for loading Middle East crude oil in February rebounded from the lowest level in a year.
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