Oil Prices to Rise for Europe and Fall for Asia in June: Saudi Arabia

Saudi Arabia will increase oil prices for European countries in June, while fuel will become cheaper for Asian buyers, announced the state-owned Saudi Aramco.

At the same time, the price of the 'heavy' grade Arab Heavy will mostly decrease for customers from Asia by $0.9 per barrel. As a result, it will cost $0.35 less per barrel than the Oman/Dubai oil basket.

For buyers from Northwestern Europe and the Mediterranean Sea, prices for most products will increase by $1.1 per barrel. Notably, only Arab Heavy will see a rise of $1.8 per barrel.