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Urals oil price above $50/bbl, traded with discount vs. Brent — S&P Global Platts

The last time it was traded at this level was in February 2020, according to the agency's data

MOSCOW, December 16. /TASS/. Russia’s Urals export oil blend price was above $50 per barrel this week for the first time since February but the feedstock is traded with a discount against Brent oil blend, S&P Global Platts told TASS on Wednesday.

"The CIF Rotterdam Urals differential versus Dated Brent fell to its lowest level since August this week, with evidence of supply overtaking demand in the region. CIF Rotterdam was assessed 20 cents/barrel lower at forward Dated Brent minus 55 cents/barrel on August 15, the lowest level since an identical minus 55 cents/barrel assessment on August 17, 2020," says John Morley, Associate Editorial Director, EMEA Oil.

"In the Platts Market on Close assessment process, Litasco offered a cargo of the grade loading in Primorsk over December 25-29. The cargo was offered at a discount to Dated Brent of US cents/barrel on a delivered Rotterdam basis, and did not find buying interest. Sources have cited poor refinery margins in Europe as a factor putting pressure on crude prices," the expert added.

The Brent oil price crossed the level of $50 a barrel on December 10 for the first time since March of this year.