Futures in London added as much as 7.1%, moving beyond $31 a barrel, while US crude futures rose 10%. State-run Saudi Aramco, which earlier this year initiated a price war by offering massive discounts on crude, has raised prices on all the grades for June Oil jumped after Saudi Arabia raised prices for refiners globally.
Futures in London added as much as 7.1%, moving beyond $31 a barrel, while U.S. crude futures rose 10%. State-run Saudi Aramco, which earlier this year initiated a price war by offering massive discounts on crude, has raised prices on all the grades for June.
The move comes as the kingdom and its OPEC+ partners embark on sharp production cuts in a bid to rebalance a glutted market. “The higher prices by Aramco suggest a