DUBAI (Reuters) - Saudi Arabia’s state oil producer Aramco raised its January official selling price to Asia for its flagship Arab Light crude to $3.30 a barrel versus Oman/Dubai crude, up $0.60 from December, the company said on Sunday.
The company set the Arab Light OSP to Northwestern Europe at minus $1.30 per barrel versus ICE Brent and to the United States at plus $2.15 per barrel over ASCI (Argus Sour Crude Index).

Crude Oil Drops a 6th Straight Week

The bears are still in control of U.S. crude oil, but a serious support level has come into play for the bulls looking to keep the larger, post-pandemic trend in play. The zone between 61.50 and 62.50 carries with it very conspicuous influence for chart watchers. At the higher end of that range, we have the 61.8 percent Fibonnaci retracement pulled from the historical range of the commodity – from the highs set back in 2008 down to the low set with the unprecedented inversion back in April 2020. For more recent reference, we have the range of rejected bearish rejections stretched out over the past six months.
This past Thursday’s sharp reversal from that zone further built up the weight of the area and in turn drew the battle lines.
The most important picture of the trading landscape that I see ahead is the degree of volatility. When markets are more active, there is a greater chance of tipping into an ‘accidental’ break. Given the state of liquidity and the unsure backdrop of the ‘risk’ market, this accident can trigger an unintended cascade. Should fears over the sanctity of ‘risk on’ continue to build into the coming week, a volatile stab at 62.50 is more probable.