Saudi Arabia may boost March oil prices in Asia

Saudi Arabian Oil Co may raise its March official prices for crude sold to Asia as fuel demand increases, Bloomberg has reported. Arab Heavy and Arab Medium, Saudi Arabian Oil's densest export grades, may be set at 12.5 cents a barrel higher than February, according to the median levels in a survey of refiners from South Korea, Japan, China, and India. The company, known as Saudi Aramco, is expected to issue prices this week. Arab Light, the country's largest export grade, and Extra Light are expected to rise by 2.5 cents a barrel, the news service found, citing officials who asked not to be identified.