Oil makes gains as Saudi boosts prices for Asia

US crude ended at $51.70, while Brent traded at $57.49 on Tuesday

Brent gained 5.8% before dropping slightly the following day.
Brent gained 5.8% before dropping slightly the following day.

Oil futures rebounded on Monday reaching its highest levels in two months as Saudi Arabia boosted prices for crude oil to Asia.

West Texas Intermediate crude, the U.S. pricing benchmark, rose 6.1% to $52.14 on Monday and was down 44 cents at $51.70.

Meanwhile, Brent gained 5.8% before dropping slightly the following day and trading at $57.49 a barrel on Tuesday.

Oil prices made gains this week as Saudi Arabia lowered the discount on its main Arab Light grade for next month’s sales to Asia and demand from Asian refineries increased.

Prices were also spurred by the P5+ 1 deal with Iran last week on speculations that the OPEC member will not add to the global oversupply in the next six months. 

Goldman Sach predicted prices to stay at around $40 a barrel until the end of the first half of 2015.

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