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Oil prices rose on Monday, Saudi Arabia's state-owned oil producer Aramco raised the official selling price of crude oil, suggesting that demand remains strong
amid tight supply, according to a report on the hydrocarbon processing website on November 8.
Brent crude rose 90 cents, or 1.
1 percent, to $83.
64 a barrel, down nearly 2 percent
last week.
U.
S.
crude rose 87 cents, or 1.
1 percent, to $82.
14, down nearly 3 percent
on Friday.
Late on Friday, Aramco raised its official price of Arab Light crude for Asia in December by $2.
70 (relative to Oman/Dubai crude prices), up $1.
40 from the month
.
ANZ Research said in a report that Aramco's move showed demand remained strong
as OPEC producers and other major oil exporters continued to control supply.
Allies such as OPEC+ and Russia agreed last week to stick to plans
to raise oil production by 400,000 barrels per day from December.
The United States had called on OPEC+ to increase production to curb rising oil prices and said on Saturday that its government had "other tools" to counter the rise
.