SINGAPORE: The Asia-Pacific crude market held steady on Monday with both buyers and sellers reluctant to show their hands amid expectations winter demand may boost differentials for January-cargoes.
Malaysian grades were slow to move, traders said, with Petronas yet to issue a tender for its Labuan grade. "It's a buyers' market. They're not in a hurry to move," one trader said.
Woodside sold a cargo of Vincent crude loading in January, a trader said, although the details were not clear.
Brent crude could plunge to $60 a barrel if OPEC does not agree a significant output cut when it meets in Vienna this week, market players say.
Brent-Dubai Exchange of Futures for Swaps (EFS), or Brent's premium to Dubai swaps, narrowed 19 cents to $1.94 a barrel.
BHP Billiton Ltd has launched a tender offering to sell a 650,000-barrel cargo of processed condensate for delivery during the first half of January at the Houston Ship Channel, according to a document seen by Reuters.
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