SINGAPORE, May 17 (Reuters) - Middle East crude prices
remained weak on Thursday as increased spot Gulf crude sales
limited any potential rise in values on fresh buying interest
seen in the previous session.
Abu Dhabi's July loading Murban crude was valued at a
discount of around 30 cents with traders saying they believed at
least two deals were concluded at this level.
Iran spot crude sales were also being closely watched, with
some traders suggesting the state oil firm NIOC was offering
discounts on their crude supplies.
Iran has been floating more than 35 million barrels of crude
off its main crude oil terminal at Kharg Island since March.
* TRADES
There were 18 partial trades in over-the-counter (OTC) trade
with deals booked at between $107.20 and $107.30.
*MARKET NEWS
- U.S. Senate Democratic leader Harry Reid will ask the
chamber to approve a new package of oil and economic sanctions
on Thursday aimed at further pressuring Iran to abandon its
nuclear program, a Democratic leadership aide told Reuters.
- South Korea is considering cutting its exports to Iran -
mainly steel, cars and electronics - to reduce the risk of
payment defaults as sanctions strangle Iran's earnings from oil
exports, two sources with knowledge of the issue
said.
- Japan's top oil refiner, JX Nippon Oil & Energy Corp, is
not facing a problem paying Iran for crude imports, the company
said on Thursday, after a major Japanese bank froze transactions
with Iranian banks on the order of a U.S. court.
CRUDE Price Prev Change %
change
JULY Oman diff to Dubai 1.65 1.69 -0.04
JULY Brent 109.49 110.25 -0.76 -0.69%
JULY Dubai 105.84 106.47 -0.63 -0.59%
JULY DME Oman 107.49 108.16 -0.67 -0.62%
JUNE Brent/Dubai EFS 3.65 3.78 -0.13
DUB-EFS-1M
