Saudi Arabia supplies contracted oil quantities for June to buyers in Asia

Informed sources said on Friday that Saudi Aramco will supply the entire contracted quantities of crude oil to at least 4 Asian refineries in June.

According to Reuters, this comes after the world’s largest crude exporting country raised June prices for most crudes heading to Asia to their highest levels in 5 months, confirming strong demand this summer.

Oil prices rose today, Friday, continuing their upward trend, thanks to signs of improvement in the Chinese economy.

By 00:03 GMT, Brent crude futures rose 37 cents, or 0.4%, to $84.24 per barrel, while US West Texas Intermediate crude rose 41 cents, or 0.5%, to $79.64.

In the previous session, oil prices rose to the highest level in a week thanks to data showing an increase in crude oil imports in China in April, and with investors considering the slowdown in the US labor market an indication of possible cuts in interest rates.