SULAIMANI (ESTA) — Oil prices rose on Monday after Saudi Arabia’s state-owned oil producer Aramco raised the official selling price for its crude.
Brent crude was up by 92 cents at $83.66 a barrel at 0900 GMT, after dropping nearly 2% last week.
U.S. West Texas Intermediate (WTI) crude futures gained $1 to $82.27 per barrel, having declined almost 3% through Friday.
Aramco late on Friday raised its December official selling price to Asia for its Arab light crude to $2.70 a barrel versus Oman/Dubai crude, up $1.40 from this month.
The move by Aramco suggests “demand remains strong” as the OPEC producer and other major oil exporters keep the reins on Supply, Reuters cited ANZ Research as saying.
OPEC and allies including Russia, together known as OPEC+, agreed last week to stick to their plan to raise oil output by 400,000 barrels per day from December.
