Oil prices rose more than $2 in early trade on Monday after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months.
Brent crude futures were up $1.80, or 1.5%, at $121.52 a barrel at 2319 GMT after touching an intraday high of $121.95, extending a 1.8% gain from Friday.
"Mere days after opening the spigots a bit wider, Saudi Arabia wasted little time hiking its official selling price for Asia, its primary market...seeing knock-on effects at the futures open across the oil market spectrum," SPI Asset Management managing partner Stephen Innes said in a note.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Sucking Up to Murderers': Biden Plans to Visit Saudi Arabia in Push for Oil'It makes no sense to strengthen Saudi Arabia's oil dictator in order to stop Russia's oil dictator,' said one critic. 'The planet is on fire, and Biden is about to reestablish relations with one of the key arsonists.'
Read more »
White House Postpones Biden Trips to Saudi Arabia and IsraelThe White House never publicly confirmed a June visit to either country. Sources told NBC News a broader trip to the Middle East is now planned for July.
Read more »
Biden affirms human rights commitment as he considers trip to Saudi ArabiaPresident Joe Biden says he has not changed his views on human rights despite his administration's praise of Saudi Arabia for getting key oil producers to step up production.
Read more »
Analysis | Biden’s flip-flop on Saudi ArabiaBiden isn't the first to talk tough, then back off in the face of geopolitical realities. But it's still striking.
Read more »
9/11 families pressure Biden over Saudi Arabia meetingA group of families of victims of the Sept. 11 terrorist attacks is urging President JoeBiden to press Saudi Arabian Crown Prince Mohammed bin Salman over the country's 'role in the rise of al Qaeda and 9/11 attacks.'
Read more »
Biden was never going to turn Saudi Arabia into a pariah stateAs he repairs relations with Riyadh, President JoeBiden should do so with prudence, writes DanDePetris. 'He should not commit the U.S. to additional security burdens it can’t or shouldn’t sustain.'
Read more »