Saudi Aramco to raise oil prices for Asian countries

Saudi Aramco on Thursday said it will raise its official selling price for its benchmark Arab Light crude by $1.10 in Asia, according to a report by City A.M.

Asian countries buy more than half of the oil that Saudi Arabia exports and any hike in the price can be seen as a pick up in the demand for oil in the region.

Oil prices have been rising from a long slump due to the production troubles in Libya and Canada. 

Canandian producers have cut production with widespread fires and fighting in Libya has played havoc to oil shipments, said the report. 

Saudi Arabia led oil cartel OPEC has refused to cut production to support more expensive producers in the US and Russia.

Oil prices surged on Thursday, with both US oil and Brent crude jumping over four percent in early trading, as a huge wildfire near Canada`s oil sands reservoir raised concerns over a near-term supply shortage, Xinhua reported.