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Crude Oil Rises to One-Week High as Saudis Boost Pricing to Asia
Oil rose to the highest level in more than a week as Saudi Arabia raised prices for shipments to Asia, its biggest regional market. Futures climbed as much as 5 percent in New York and 5.3 percent in London, where trading volumes were low because of the Easter Monday holiday in Europe. Saudi Arabia, the world’s biggest crude exporter, narrowed the discount on its main Arab Light grade for next month’s sales to Asia. Prices also gained on speculation Iran’s nuclear accord with world powers will not lead to an immediate increase in supplies. Oil is still more than 50 percent lower than last year’s peak as U.S. ... (full story)