1st LD Writethru: Oil prices gain as Saudi raises price
Xinhua, April 7, 2015 Adjust font size:
Crude prices rose Monday as Saudi Arabia increased its official price to Asian clients.
Saudi Arabia raised its prices for crude sales to Asia in May for two months in a row. The stated-owned oil company Saudi Aramco raised its May price for its Arab Light grade for Asian customers by 30 U.S. cents a barrel compared with April. Traders regarded it as a signal of improved demand in the region.
The Organization of Petroleum Exporting Countries decided to maintain its collective output quota at 30 million barrels a day at the Nov. 27 meeting in Vienna, Austria.
The market even shrugged off the possibility of increasing crude exports from Iran as diplomats worked out a deal weighted on crude market last Thursday.
Top negotiators concluded the Iran nuclear talks in Lausanne, Switzerland, and reached common solutions to outstanding issues. All sides agreed that the Iran's enrichment capacity, level and stockpile will be limited for specific duration and there will be no other enrichment facility than the country's Natanz nuclear plant.
EU will terminate the implementation of all nuclear related secondary economic and financial sanctions.
Light, sweet crude for May delivery gained three dollars to settle at 52.14 dollars a barrel on the New York Mercantile Exchange,while Brent crude for May delivery moved up 3.17 dollars to close at 58.12 dollars a barrel. Endite