“Saudi Arabia's state oil producer Aramco raised its January official selling price (OSP) to Asia for its flagship Arab Light crude to $3.30 a barrel versus Oman/Dubai crude, up $0.60 from December, the company said on Sunday,” per Reuters.

“The company set the Arab Light OSP to Northwestern Europe at minus $1.30 per barrel versus ICE Brent and to the United States at plus $2.15 per barrel over ASCI (Argus Sour Crude Index),” adds the news published on late Sunday.

Market reaction

While following the news, WTI crude oil prices offered a gap-up to begin the week’s trading. That said, the black gold marks around 2.0% intraday gains while picking up bids to $67.40 during early Monday morning in Asia.