Saudi Arabia seen upping heavy crude, cutting light grades

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SAUDI ARABIA. Lifters of Saudi crude expect the world's top oil exporter to raise prices of its heavy crude on the back of strong fuel oil prices, and to trim the price of its lighter grades as Asian refiners cut runs.

But lifters polled agreed on the direction, not the size of the moves. Refiners said this was a tough month to predict, as product prices have started diverging with the fuel oil crack rising strongly while the gas oil crack has plunged.

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