Saudi Arabia, the world’s top crude exporter, raised the prices for all the grades it will sell to Asia in May, increasing levels for the second straight month as robust refining margins supported demand in the region. The OPEC producer kept output steady and cut prices sharply late last year in a fight for market share during a global supply glut. Its ability to raise prices for April and May suggested its strategy was working, although stiff competition kept its flagship Arab Light at a discount to Oman/Dubai quotes, analysts said. “Even though it’s a slight increase, overall it’s still a discount,” said Shunling Yap, a senior oil and gas analyst at BMI Research. “There is still competition for the Asia market, even though it is also a sign that some of the production elsewhere is less able to compete in the market right now.” […]