SINGAPORE: Middle East crude benchmarks edged down on Monday as ample supplies of medium-sour grades and weak fuel oil cracks weighed on demand for heavier grades in Asia.
BAHRAIN: March-loading Banoco Arab Medium has been offered at 10 cents a barrel below its OSP but it has yet to trade, a trader said. Offer of prompt supplies from BAPCO could weigh on the grade's spot differentials.
IRAQ: Basra crude stayed under pressure with February-loading cargoes likely to remain at discounts, probably similar levels to the previous month. Both Basra Light and Basra Heavy grades loading in January traded at 30-40 cents below their respective OSPs, traders said.
UAE: BP offered 500,000 barrels of Murban crude loading on March 1-25 at 20 cents above its OSP, down from an offer earlier in the day at 23 cents. This would cap Murban at under a premium of 20 cents, similar to its last traded level.
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