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Wednesday, 15 June 2011

Middle East Crude-Traders eye Europe after Brent/Dubai blowoutl | Reuters

Traders in the Middle East crude market were eyeing opportunities to send cargoes of the lightest grades in the region to Europe, as the blowout of Brent's premium relative to Dubai rendered shipments more attractive.

The likelihood of increasing shipments of grades such as Abu Dhabi's Murban to Europe halted the plunge in prices since Saudi Arabia offered more crude to Asian buyers last week, some traders said.

Discussion for Qatari heavy sour al-Shaheen crude hovered at premiums of 50-60 cents a barrel to Dubai quotes, down slightly from Tuesday but not as low as some traders had expected. Traders awaited results from Tasweeq's tender to sell six cargoes for loading in August.