SINGAPORE, April 7 (Reuters) - Middle East crude benchmark spot premiums of Oman, Dubai and Murban fell sharply on Monday with oil prices tumbling further, following Saudi Arabia's weekend announcement to cut its May prices for Asia to a four-month low.

Oil prices lost nearly 4% as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude while OPEC+ readies a supply increase.

On Sunday, Saudi Aramco cut the May official selling price $(OSP.AU)$ for flagship Arab Light crude by $2.30 to $1.20 a barrel above the average of Oman and Dubai prices, the biggest decline in more than two years.

It also lowered May prices for other grades it sells to Asia by $2.30 per barrel.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell $1.03 to $1.28 a barrel, a two-week low.

PetroChina will deliver a June-loading Upper Zakum crude cargo to Vitol following the deals.

PRICES ($/BBL)

NEWS

Run rates for China's struggling independent oil refiners have nudged up recently, but still face near-term pressure over tepid domestic fuel demand and supply risks from U.S. sanctions and tariffs, industry participants and analysts said.

Goldman Sachs revised down its annual average price forecasts again for Brent and WTI crude in 2026, citing increased recession risks and the possibility of higher-than-expected OPEC+ supply.

The Caspian Pipeline Consortium (CPC) said on Friday that a Russian court ruled that its Black Sea export terminal facilities should not be suspended, in a major victory for the Western-backed consortium.

Top OPEC+ ministers stressed the need for full compliance with oil output targets and plans to compensate for pumping too much, after the group's surprise decision this week to raise output further helped send prices crashing to pandemic-level lows.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

(Reporting by Siyi Liu in Singapore; Editing by Sahal Muhammed)

((siyi.liu@thomsonreuters.com;))

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