Saudi Arabia Hikes Oil Prices To Asia – OilPrice.com

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Heavy trading in Dubai oil has lifted its premium to WTI crude to its highest since late March, a development that could make U.S. crude even more competitive in Asia. More traders have turned to Dubai after Persian Gulf producers such as Saudi Arabia hiked prices, and shipping rates also climbed.
Bloomberg has reported that Dubai swaps were trading at a premium of $3.65 a barrel above U.S. benchmark West Texas Intermediate futures in Singapore, with the spread usually smaller than $3. Increased trading of partials–smaller lots that are accumulated and converted into physical cargoes–is also giving a boost to Dubai oil prices. 
Dubai oil is considered a proxy for other regional grades.
Two South Korean refiners have purchased ~8 million barrels of U.S. oil, including WTI Midland crude, so far this month. Asian imports of U.S. crude have been climbing, with buyers returning after months of scooping up cheap Russian barrels.
U.S. crude oil exports for the month of April surpassed forecasts, hitting a record 4.5 million barrels per day in March thanks to a strong Chinese market due to rising fuel demand. U.S. crude exports grew 22% last year from 2021 after Russia’s invasion of Ukraine led the U.S., the EU, and Canada to ban imports of Russian oil and dramatically altered global flows.