LONDON: Russian Urals firmed in the Mediterranean on Wednesday, reversing a decline which saw prices hit 15-month lows as very weak refining margins hit demand.
Prices in northwest Europe were unchanged with no trades heard after levels sunk to two-year lows in the previous session.
In the Platts window, Lukoil bid for an 80,000 tonne Urals cargo at dated Brent minus $2.30 cif Augusta loading June 24-28. The bid marks a 60 cent a barrel rebound to a deal done on Tuesday at dated Brent minus $2.90 cif Augusta.
Azeri Light was assessed just below dated Brent plus $3 cif Augusta. A high quality grade useful for all products, it usually remains more impervious than others to poor refining margins.
Libya's exports could grind to a complete halt if state oil company National Oil Corp redirects offshore production to its Zawiya refinery, as the eastern Hariga port remained closed with two tankers waiting.
Libya's government has transferred the salaries of protesting guards at Hariga oil port but the export terminal is still closed, a state oil firm official said on Wednesday.
Wage talks between oil companies and the largest union representing land-based oil workers in Norway have broken down and are heading to state-appointed mediation, the Norwegian Oil and Gas Association said on Wednesday.
Two years ago about 10 percent of Norway's offshore workers went on strike for 16 days, cutting oil output by 13 percent and gas by 4 percent.
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