Saudi Arabia raises June Arab light crude price to Asia

Saudi Arabia's state oil giant Aramco has raised the June price for its Arab light crude oil to Asia by $1.40 a barrel from May, setting it at a discount of $5.90 to the Oman/Dubai average, according to a document seen by Reuters on Thursday.

The rise in the crude oil official prices (OSPs) to Asia are not in line with market expectations. Asian refiners were expecting Saudi Arabia to cut the prices of its crude for a fourth straight month in June after Middle East benchmarks slumped on poor refining margins as the coronavirus pandemic slammed demand, according to a Reuters survey.