Saudi Arabia’s Latest Oil Price Hike For Asia May Backfire

Saudi Arabia raised its September official selling prices for crude oil by between $0.20 and $0.30 per barrel for Asian buyers to a four-month high. This time, however,  their move could backfire, writes Bloomberg. The largest oil producer in OPEC regularly hikes prices for its biggest market when international benchmarks improve and demand grows. But a resurgence of the coronavirus in China will likely affect local oil buyers’ appetite. What’s more, as Bloomberg notes, there are now more competitive alternatives to Saudi Arabia’s…