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Trade War Worries Weigh On Bullish Crude Markets

Trade War

After a brief spell of geopolitical extravaganza, Brent prices dropped back below $70 per barrel this week as the oil market started worrying about the fragile future of US-China trade talks, with threats of tariffs getting back to the agenda. The European market is still struggling to fully digest the issue of Urals contamination with the port of Ust-Luga coming back to uncontaminated loadings later this week, still leaving open the question of what to do with the dozen organic chloride-rich cargoes already on seas. This has made the sour shortage in Europe even more acute against the background of the United States making good on its promise not to issue any waivers beyond May 05, 2019.

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As a consequence, Brent Dated traded around $69.5 per barrel, whilst WTI traded in the $60.5-60.8 per barrel interval.

1. Saudi OSPs Forestall Further Appreciation of Middle Eastern Crude

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- With Iranian volumes scraped off the Asian crude landscape, Saudi national oil company Saudi Aramco has hiked Asia-bound June-loading OSPs steeply to many-year highs.

- The Asia-destined increases ranged from 40 cents to 1.2 USD per barrel, with Arab Super Light seeing the most substantial hike.

- Even though Arab Heavy was raised only by 40 cents per barrel, at +0.15 USD per barrel against Oman/Dubai average it moved to its highest level since December…




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