SINGAPORE, May 15 (Reuters) - Middle East crude prices
remained weak on Tuesday as oversupply and weak demand continued
to depress differentials for July-loading Murban.
The Abu Dhabi crude was valued at a discount of around 30 to
35 cents with no transactions concluded.
"The market still looks relatively weak at the moment, but
this could change as we get deeper into July trading," a trader
said.
"We have seen some interest in the market from the buyers
side, some seeing a thinning out of arbitrage cargoes coming
into the region."
*TRADES
There were 16 partial trades in over-the-counter (OTC) trade
with deals getting booked at $108.60 and $108.65.
*MARKET NEWS
- Oil prices have found a long-term floor at $90-95 per
barrel and nearby spot oil prices could rise sharply if Middle
East tensions increase again, the co-heads of trading company
Mercuria said on Monday.
- Sri Lanka expects a U.S. waiver of sanctions on imports of
Iranian crude after the island nation took steps to cut imports
from Iran by up to 38 percent, switching to alternatives from
Oman and Saudi Arabia, its oil minister said on Tuesday.
- France's Total started pumping heavy mud down
its leaking well in the North Sea on Tuesday to try to stop an
escape of gas that has lasted nearly eight weeks and could
deprive Britain of nearly 6 percent of its supply this summer.
- Iran's talks with the U.N. nuclear watchdog about
Tehran's atomic activities are going well, a senior Iranian
official said on Tuesday, the second day of discussions.
CRUDE Price Prev Change % change
JULY Oman diff to Dubai 0.85 0.94 -0.09
JUNE Brent 111.74 110.81 0.93 0.84%
JULY Dubai 107.31 106.61 0.70 0.66%
JULY DME Oman 108.16 107.55 0.61 0.57%
JUNE Brent/Dubai EFS 3.86 3.72 0.14
DUB-EFS-1M
