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Middle East crude market steady ahead of August-loading trade

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1 min
By Imad Uddin
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imageSINGAPORE: The Middle East crude market held steady on Tuesday ahead of the spot trading window in August-loading cargoes which begins next week.

Traders expected demand to rise from last month as Asian refiners return from maintenance, although weak refining margins may weigh on appetite.

Abu Dhabi National Oil Company's (ADNOC) flagship Murban grade could be supported by limited supply after Shell sold 2 million barrels for August-loading to Indian Oil Corp (IOC).

Some traders suggested Shell may have sold the cargo early in anticipation of a weakening market, suggesting a bearish market outlook.

Qatar's Tasweeq was expected to issue a tender for August-loading al-Shaheen late this week or early next week.

Copyright Reuters, 2014

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