Oil prices hit $120 as #Saudi July price rise eclipses OPEC+ deal | Reuters

Oil prices hit $120 as Saudi July price rise eclipses OPEC+ deal | Reuters

Oil prices hit $120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.

Brent crude firmed 32 cents, or 0.3%, to $120.04 a barrel at 0858 GMT after touching an intraday high of $121.95.

U.S. West Texas Intermediate (WTI) crude futures were up 40 cents, or 0.3%, at $119.27 a barrel after hitting a three-month high of $120.99.

Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium, the highest since May, when prices hit all-time highs due to worries of disruption in supplies from Russia. read more