SINGAPORE: Middle East crude values remained firm on Friday, underpinned by potential supply disruptions from Iran over Western sanctions.
ADNOC's Middle East benchmark Murban crude was valued at a premium of about 30 cents a barrel, unchanged from levels discussed in the previous session.
No deals were heard done on Friday, but BP was heard offering at least one cargo of the Abu Dhabi grade at a premium of 30 cents a barrel to the official selling price (OSP).
The highest transacted price for Murban heard done this week was at 32 cents a barrel to the official selling price (OSP).
MARKET NEWS
Britain is poised to cooperate with the United States on a release of strategic oil stocks expected within months, two British sources said, in a bid to prevent fuel prices choking economic growth in a US election year.
Showa Shell Sekiyu KK, the largest buyer of Iranian crude in Japan, has yet to reach an agreement with Iran over the renewal of its annual term purchase contract as Western sanctions complicate talks, industry sources said on Friday.
Japan, South Korea and global ship insurers are lobbying EU officials to revise planned sanctions against Iran to allow Europe's insurance market to continue to cover Iranian oil shipments to Asia, government and industry sources said.
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