Brent rise over Dubai crude rose to its highest level in five months, to $ 2.07 a barrel, in the Asian market at the close today, according to Refinitiv data.
Brent Zadltshar crude premium was the closest due for June delivery 25 cents, above Dubai benchmark for the Middle East compared to the previous session, the highest level since October 23, and the higher Brent premium over Dubai increases the cost of Europe and Asia-Pacific raw materials Asian buyers have to squeeze raw price differences on the spot market.
According to Reuters, buyers are expected to shift towards raw materials coming from the Middle East and Russia, which are significantly cheaper, amid strong demand, which supports the immediate premiums for these materials.
Refinitiv data revealed that Abu Dhabi's DAS light crude was traded for bonuses for the first time in six months after selling several consignments of crude to be loaded in June this week.
It is worth noting that trades showed that this is the first time this year that Abu Dhabi's high-sulfur light crude is traded with premiums in the spot market after months of pressure in Asia due to a large influx of cheaper light sweet crude supplies Europe and the United States.
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