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Global oil price jumps amid supply fears
Crude hits $120 a barrel as Saudi Arabia hikes prices for Asia Saudi Arabia's oil and gas giant Saudi Aramco has unexpectedly raised its selling prices for Asia, sparking global concerns over tightening supplies. The world's largest oil exporter increased the official July price for its flagship Arab light crude by $2.10 a barrel from the June level, Aramco announced on Sunday. The hike was much larger than market expectations of a $1-$1.50 move, Reuters reports, citing market analysts. The Brent crude benchmark gained 42 cents above $120 a barrel at 09:15 GMT on Monday, while the US benchmark West Texas Intermedi

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