RTRS:Asia-Pacific Crude-Weak as ample supplies weigh
SINGAPORE, Aug 7 (Reuters) - The Asia-Pacific crude market
stayed weak on Tuesday, weighed by ample supplies and limited
demand from refiners, traders said.
Vietnam's offer of prompt Bach Ho crude added more pressure
on prices, specially of medium sweet grades, a western trader
said.
Bach Ho was offered following an unexpected shutdown of
Vietnam's refinery.
"The regional crudes are being sold at a lower premiums if
compared to two to three months ago," the trader said.
* TENDERS
- Russia's Rosneft has offered to sell 700,000 barrels of
Sokol in a tender closing on Wednesday.
* MARKET NEWS
- Iraqi oil exports through Turkey halted completely on
Tuesday after an attack on a pipeline on Sunday, adding to
global supply fears which have propped up oil prices.
- Japan's third-biggest oil refiner Idemitsu Kosan
is in the last stages of talks on a final investment decision to
build a $5.8 billion refinery in Vietnam, a company official
said on Tuesday.
- Oil output from the North Sea is set to fall sharply in
September due to oilfield maintenance and natural decline, in a
move to raise further doubts about Brent as the main global oil
benchmark.
- Leading pricing agency Platts will soon start a new price
assessment for Iraqi Basra Light crude as the trading volume of
the grade grows along with higher output, a senior company
official said on Tuesday.
