Oman has set the retroactive official selling price (OSP) for its crude oil sold in June to term lifters at a record high of $52.07 per barrel, but its premium to Dubai has been cut to the narrowest in eight months, traders said.

It was the first time the Oman OSP had risen to above $50 per barrel, traders said.
The June premium, however, was cut to 99 cents per barrel over the average Dubai price in May of $51.08. The premium was the narrowest since October 2004, when it stood at 96 cents.
In May, Oman's OSP was $46.85 per barrel and its premium over Dubai was $1.45 a barrel.
Traders in Tokyo and Singapore said the cut to the premium over Dubai was a response to a bearish market. "It is a reasonable drop, reflecting market fundamentals," a Chinese trader said.