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Citing two sources with the access to the price documents, Reuters reported on Monday, Saudi Aramco raised the August price for its Arab Light grade for Asian customers by $1 (£0.8006) a barrel from July to a premium of $1.20 a barrel to the Oman/Dubai average.

The oil bulls are little impressed by the Saudi rate hike, as both crude benchmarks cling onto the previous gains heading into the European open.

WTI defends bid near $40.80 while Brent gains over 1% to trade near $43.30.