Saudi Arabia raises the selling prices of Arab Light Oil to Asia for the second month in April

Saudi Aramco said on Sunday evening that Saudi Arabia raised the selling price of its Arab Light crude oil to Asia for the second month in April to $2.50 a barrel, above the average price of Oman and Dubai crude.

The price increase, which is 50 cents a barrel above official selling prices for March, is in line with a Reuters survey as indicators of China’s economic recovery raised expectations of higher fuel demand from the world’s largest oil importer.

China set a modest economic growth target of around 5 percent for this year at its annual People’s Congress. The world’s second-largest economy posted one of its weakest performances in decades last year, when gross domestic product grew just 3 percent.

The market was surprised by Saudi Arabia setting the price of Arab Heavy crude. The official selling price of Arab Heavy crude was $0.75 a barrel, higher than the Oman/Dubai average, up $2.5 a barrel from March.

Elsewhere, top oil exporter Saudi Arabia set the OSP for Arab Light crude to northwest Europe at $1 a barrel above Brent crude in April, 50 cents higher than in March.

Meanwhile, the price of Arab Light Crude to the Mediterranean was raised 30 cents from last month to $0.80 against Brent crude in April.