Top oil exporter Saudi Arabia is expected to cut prices for all crude grades it sells to Asia in May to reflect weaker prices for its Middle East benchmark Dubai crude, trade sources said on Monday. The official selling price (OSP) for flagship Arab Light crude could fall by 50-70 cents, to the lowest in six months, a Reuters survey of six refiners and traders showed. “We expect cuts of 50-60 cents across all grades,” one of the respondents said, in line with market changes last month. The price spread between the first and third month Dubai spot prices widened by 55 cents a barrel in contango in March versus February, the sources said, speaking on condition of anonymity because there weren’t authorized to […]