Saudi Arabia raise oil prices more than expected amid Asia rebound

Saudi Arabia raised oil prices for its biggest market of Asia by more than expected as demand rises with the region’s main economies easing coronavirus restrictions.

The increase for July shipments resumes a streak of hikes that started in February and was only broken when state producer Saudi Aramco cut prices from record levels for this month.

Aramco raised its key Arab Light crude grade for Asian customers by $2.10 a barrel from June to $6.50 above the benchmark it uses. The market was expecting a boost of $1.50, according to a Bloomberg survey of refiners and traders.

The kingdom, the world’s biggest