RTRS:Middle East Crude-Sluggish on oversupply, thin demand
SINGAPORE, March 30 (Reuters) - Middle East crude remained weak on Friday as
oversupply continued to weigh on prices, while demand from regional refiners
remained thin.
Abu Dhabi's Murban crude was pegged at around 20-25 cents over the official
selling price, down about 45 percent from levels seen at the start of March.
"We've definitely got enough oil on the market, the question is now with
maintenance how much if it is going to be absorbed into the system regionally,"
a trader said.
"My guess is not very much. Unless you are buying to store for a rainy day,
not much appetite in the market for anything beyond requirements."
* TRADES
- A total of 33 partial cargoes traded over the counter.
* MARKET NEWS
- Oil consuming nations may seek reassurance from Saudi Arabia that it will
not cut oil production and neutralise the impact on oil prices if consumer
countries release emergency reserves, diplomats and industry sources said.
- Iran is helping its ally Syria defy Western sanctions by providing a
vessel to ship Syrian oil to a state-run company in China, potentially giving
the government of President Bashar al-Assad a financial boost worth an estimated
$80 million.
CRUDE Price Prev Change %
change
MAY Oman diff to Dubai 0.54 0.53 0.01
MAY Brent 122.90 124.53 -1.63 -1.31%
MAY Dubai 119.73 121.25 -1.52 -1.25%
MAY DME Oman 120.27 121.78 -1.51 -1.24%
MAY Brent/Dubai EFS DUB-EFS-1M 4.19 4.20 -0.01
