DUBAI: Saudi Arabia raised oil prices for customers in Asia, the US and Europe after crude’s surge to almost $95 a barrel. Gulf News reported on Monday that state firm Saudi Aramco increased all grades for its main market of Asia in March, according to several people with knowledge of the matter. The company raised its key Arab Light oil for the region by 60 cents from February to $2.80 per barrel above the benchmark it uses. Other Asian grades jumped by between 40 and 70 cents a barrel. U.S. prices were increased by 30 cents. Brent crude has climbed around 20 per cent in 2022 to more than $93 a barrel. Its rise has come as global consumption remains strong despite the spread of omicron variant of the virus. In addition, oil stockpiles have plummeted in the past year and many major producers are struggling to pump more. TLTP
