Saudi oil price to increase for Asia

Saudi Arabia raised the price of its crude to Asia for a third consecutive month, as the kingdom tries to tighten the oil market to prevent a global surplus.

Saudi Aramco raised the June official selling price of Arab Light crude for customers in Asia by 90 cents to $2.90 a barrel above the regional Oman-Dubai benchmark.

Prices for other lighter and heavier varieties were also increased from May.