Med crude-Urals diffs ease in Russian ports amid higher freight rates
Urals crude differentials to dated Brent eased in Russian ports on Friday amid higher freight rates, Reuters sources said.
Urals crude oil prices at Russian ports have fallen back towards a price cap imposed by Group of Seven (G7) countries, weighed by rising freight rates and weaker Brent crude prices, traders said and Reuters calculations showed.
Urals prices in Indian ports on DES (delivered ex ship) basis held steady amid healthy buying interest.
Cargoes for loading late in November and December traded at a discount of $4-5 per barrel to Brent in Indian ports, while some cargoes were done below $4, according to three sources involved in Russian oil sales to India.
There were no bids or offers for CPC Blend, Azeri BTC or Urals oil in the Platts window on Friday.
Oil prices gained about 2% on Friday as some speculators kept taking profits on short positions, but remained on track for a third week oflosses on signs of slowing demand.
Source: Reuters (Reporting by Reuters)