SINGAPORE: The Asia-Pacific crude market firmed on Wednesday, with premiums for Russia's Sokol crude rising slightly from last month as refiners ramp up operations after maintenance.
Rosneft sold 700,000 barrels of light sweet Sokol loading Aug. 9-18 in a tender at around $7.90 per barrel above Dubai quotes, traders said. That compared with premiums of $7.50-$8 per barrel last month.
The buyer was not known and the deal could not be independently verified.
The crude market was expected to be balanced by refiners ramping up operations after seasonal maintenance and weak refining margins, when trading for August-loading cargoes gains pace next week, traders said.
Brent-Dubai Exchange of Futures for Swaps (EFS), or Brent's premium to Dubai swaps, narrowed 14 cents to $4.63 per barrel.
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