ABU DHABI (Commodity Online) : UAE's largest oil company, Abu Dhabi National Oil Co (ADNOC) followed Saudi Arabia's Aramco in raising crude oil prices for Asia and US.
In a statement, Adnoc said it raised March crude selling prices more than 5 percent to the highest since November.
The Abu Dhabi-based company increased the price for Murban crude, its largest export grade, to $78.30 a barrel. Lower Zakum crude rose the most, adding $4.20 a barrel, or 5.7 percent, to $78.15 a barrel.
Adnoc also raised the price for Upper Zakum crude by $3.7 a barrel, or 5.1 percent, to $76.25 a barrel for March, the smallest margin of increase. Umm Shaif crude rose 5.6 percent to $77.80 a barrel, Adnoc said in the statement.
The U.A.E., holder of almost 8 percent of the world's oil reserves, is the fourth-largest producer in the Organization of Petroleum Exporting Countries, pumping 2.3 million barrels of crude a day in March.
Earlier, Saudi Aramco, the world's largest state-owned oil company, raised official selling prices for light crude grades for customers in the U.S. and Asia for May. All prices for crude to Europe will be lower next month.
The company increased the formula price of its Arab Super Light crude to Asia the most, raising it by $1 a barrel to $2.10 above the Persian Gulf benchmark.
Aramco set the price for its Extra Light crude oil for May loadings for U.S. buyers at a premium of $1.35 a barrel over the Argus Sour Crude Index, 40 cents higher than April. The discount for shipments of Light-grade crude to the U.S. narrowed 20 cents to 40 cents below ASCI a barrel.
The price of Medium crude to the U.S. dropped 10 cents to $2.20 a barrel below ASCI, while the heavy crude price fell 30 cents to a $3.60 a barrel discount, Dhahran-based Aramco said.
Following the move, Iran's prices, based on Aramco rates, are set to raise, analysts said.