With oil tumbling almost 10% this morning, one would think that a major oil consuming country has suddenly gone dark, plunging into a deep depression.

The answer, as so often happens, is just the opposite, and in fact on Tuesday Saudi Arabia raised next month's oil prices for its biggest market of Asia to match all time highs, amid signs that underlying demand is soaring despite what one would concludes are growing recessionary concerns if only merely looked at the price of oil.

As shown in the chart below, oil giant Saudi Aramco raised its key Arab Light crude grade for Asian customers by $2.80/bbl from July to $9.30 above the regional benchmark, just 5 cents shy of a record high!