Cars News

Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium over Oman/Dubai quotes, just off an all-time peak recorded in May

Saudi Arabia and the UAE have been seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity to make up for lost Russian supply and weak output from other member nations.

Oil prices rose about 4% as U.S. gasoline prices jumped to a record high.

The EU is due to meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine, actions which Moscow calls a "special military operation".

Crude imports by China in the first four months of 2022 fell 4.8% from a year ago, but April imports were up nearly 7%.

Oil prices hit a two-month high at $121 per barrel as China eased COVID-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports.

European Union leaders agreed in principle to cut 90% of oil imports from Russia by the end of 2022

U.S. petrol stocks fell by 482,000 barrels to 219.7 million barrels, U.S. Energy Information Administration said. The start of summer driving season in the United States normally entails increased consumption.