Middle East Crude: Premiums climb on low OSPs, firm demand

SINGAPORE: The Middle East crude market stayed firm on Wednesday with most February spot grades sold at higher differentials than the previous month.

Low official selling prices (OSPs) and robust demand for incremental crude in Asia supported differentials in February, pushing up premiums for Abu Dhabi Murban close to 60 cents a barrel.

A Japanese refiner has bought a Das crude cargo at more than 70 cents a barrel, a trader said.

Refiners across Asia are keeping crude runs high on good margins and to meet winter demand while the number of units to be shut for maintenance in Japan is set to fall this year.