Crude oil at week high as Saudis raise rates for Asia

New York

OIL rose to the highest level in more than a week as Saudi Arabia raised prices for shipments to Asia, its biggest regional market.

Futures climbed as much as 3.7 per cent in New York and 3.6 per cent in London, where trading volumes were low because of the Easter Monday holiday in Europe. Saudi Arabia, the world's biggest crude exporter, narrowed the discount on its main Arab Light grade for next month's sales to Asia. Prices also gained on speculation Iran's nuclear accord with world powers will not lead to an immediate increase in supplies.