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Saudi Arabia, the world's top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply, coupled with expectations of strong demand in the summer. The increase that was noted was approximately $6.5 a barrel, which is a substantial increase compared to the $2 a barrel previously expected by analysts.

Saudi Arabia hikes July crude prices surprisingly high for Asia buyers

Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply, coupled with expectations of strong demand in the summer. The increase that was noted was approximately $6.5 a barrel, which is a substantial increase compared to the $2 a barrel previously expected by analysts.

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