Via Bloomberg comes this news on a Saudi Arabian Oil Co. statement on Sunday that:

  • Saudi Arabia raised pricing for all May sales to Asia
  • State-owned Saudi Arabian Oil Co. narrowed the discount for its Arab Light grade to Asia to the least since December
  • It has set the crude at a discount of 60 cents a barrel to the regional benchmark
  • That puts the May pricing 30 cents higher than in April
  • The company also increased the pricing of the other four grades it ships to Asia
  • But ... it cut pricing for May sales of Light crude to the U.S. by 10 cents a barrel and to Northwest Europe by 20 cents, according to the statement