Saudi Arabia raised the September official selling prices (OSPs) for the flagship Arab light crude to $3 a barrel above the Oman/Dubai average for Asia, announced Aramco.
Saudi Arabia set its Arab Light OSP to northwest Europe at a discount of $1.70 a barrel against ICE Brent for September. Its OSP to the United States was at a premium of $1.35 a barrel over Argus Sour Crude Index (ASCI).
Oil prices have witnessed remarkable increases after their collapse due to the coronavirus outbreak and have risen 40 percent since the beginning of this year, amid optimistic economic prospects.
On Wednesday, the US Energy Information Administration (EIA) said that crude oil stockpiles rose while gasoline inventories fell, indicating steady demand for fuel.
Crude inventories rose by 3.6 million barrels in the week to July 30 to 439.2 million barrels, compared with analysts' expectations in a Reuters poll for a 3.1-million-barrel drop.
The EIA said that stocks at the Cushing, Oklahoma, delivery hub for US crude futures, however, fell for an eighth straight week, dropping by 543,000 barrels to 34.9 million barrels, their lowest since January 2020.
Gasoline stocks fell by 5.3 million barrels, the EIA said, far more than expectations for a 1.8-million-barrel drop.
Distillate stockpiles, including diesel and heating oil, rose by 833,000 barrels, versus expectations for a 543,000-barrel drop.
The Administration reported that net US crude imports increased by 510,000 bpd last week.
