Saudi Arabia Hikes Oil Prices in Increasingly Tight Market

Saudi oil giant Aramco, the world’s top crude oil exporter, hiked on Friday the prices of most of its crude grades for May, as Middle Eastern benchmarks are strengthening in a market that looks increasingly tight.   For a second consecutive month, Saudi Arabia raised the price of Arab Light, its flagship grade selling in Asia, by more than expected. Aramco set the official selling price (OSP) of Arab Light for Asia for May by $0.30 per barrel to a premium of $2.00 over the Oman/Dubai average, the benchmark off which Middle…