Saudi Arabia Hikes Oil Prices To Asia

Days after Saudi Arabia extended its voluntary production cuts, OPEC's largest producer has hiked some oil prices to Asia, Bloomberg has reported. According to the report, Saudi Arabia has increased the premium of its flagship Arab Light crude to $3.20 a barrel for August, with Asia accounting for 60% of the country's market. Price hikes by Saudi Arabia are good news for U.S. producers. Heavy trading in Dubai oil has lifted its premium to WTI crude to its highest since late March, a development that could make U.S. crude even more competitive in…