Average Dubai crude oil price in May falls to two-month low

Dubai crude, as quoted by price-reporting agency S&P Global Platts, fell in May to an average of $69.375 a barrel, the lowest in two months, a trader who participate in the market said on Monday.

The monthly averages for April for Dubai and Oman as quoted by Platts are indicated in the table. Middle East producers set their monthly official selling prices (OSPs) at premiums or discount to these averages.

Saudi Aramco changed the benchmark for setting its official selling prices to Asia starting from October 2018 to the average of Platts Dubai and DME Oman crude futures.

The average reference price for the May-loading Saudi crude OSPs to Asia is set at $69.683 a barrel, based partly on an average July DME Oman crude futures at $69.99.