Middle East benchmark Dubai crude soared to a record this week while spot premiums for April-loading Russian oil jumped to their highest in more than two years in Asia, trade sources said on Wednesday as prices returned to pre-pandemic levels.
The global supply-demand balance has tightened as the Organization of the Petroleum Exporting Countries and its allies are lagging behind commitments to increase output by 400,000 barrels per day each month. read more
Demand, meantime, is robust as refiners globally are cranking up operations to reap higher margins on gasoline and diesel.
The Russia-Ukraine crisis has also boosted Brent prices, pushing the benchmark's premium to Dubai to its highest since 2013 this week.
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