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Brent crude's premium to Dubai quotes falls to lowest since July 2017

Published January 24, 2019 Updated January 24, 2019 11:58am
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By Fawad MaqsoodReuters
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SINGAPORE: Brent crude's premium to quotes for Middle East crude benchmark Dubai fell on Thursday to close to 70 cents a barrel, the narrowest spread between the two grades since July 2017, according to two trade sources and Refinitiv Eikon data

Dubai has strengthened against Brent in recent weeks after supply cuts by the Organization of the Petroleum Exporting Countries tightened supplies of high-sulfur, or so-called sour, crude, they said

The narrower price spread will support Asia's demand for crude oil from the Atlantic Basin that are priced off Brent while dampening Asian oil buyers' appetite for Dubai-linked grades from the Middle East and Russia.

Copyright Reuters, 2019

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