Saudi ups January light crude prices to Asia, US

Saudi Arabia raised its official selling prices for January for light crude oil to customers in Asia and the US, an industry source told Reuters on Sunday. State oil company Saudi Aramco raised the price of Arab Light to US customers by $0.50 a barrel to WTI plus $0.25.

It raised the Arab Light price for customers in the Far East by $1.25 to the Oman/Dubai average plus $1.60 a barrel. Top oil exporter had been expected to raise prices of all its crudes heading to Asia again for January 2011 on a strong Dubai intermonth spread and firm refining margins, after price hikes for three months in a row.