Sharjah24 – Reuters: Oil prices rose on Monday after Saudi Arabia's state-owned oil producer Aramco raised the official selling price for its crude, suggesting demand remains strong at a time of tighter supplies.
Brent crude was up by 90 cents or 1.1% at $83.64 a barrel, after dropping nearly 2% last week. U.S. oil gained 87 cents or 1.1% to $82.14, 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, ANZ Research said in a note.
The Organization of the Petroleum Exporting Countries and allies such as 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.
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