Oil extends gains, Brent above $120

Oil drilling rigs

Oil prices extended gains today, June 6, after Saudi Arabian Oil Co. (Saudi Aramco) announced its July official selling price (OSP) for Arab crude to various markets.

Saudi Aramco set its July OSP to North America for its flagship Arab Light crude at $5.65 per barrel above the Argus Sour Crude Index (ASCI).

Brent crude was trading up 0.44% at $120.25 per barrel, at 9:03 am GMT.

West Texas Intermediate (WTI) crude rose 0.40% to $119.35 a barrel – easing from its earlier high of $120.99, which is the highest level since March 9.

Meanwhile, Italian oil company Eni SpA and Spain's Repsol SA could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude, Reuters reported, citing five sources familiar with the matter.

Oil prices are up nearly 60% year-to-date, driven by improved economy as COVID-19 restrictions ease, along with the repercussions of the Russian invasion of Ukraine.