Traders told Reuters on Tuesday that Asian giants were looking to buy more American raw materials at a two-week low on premium in Dubai.
The high demand for sour cream in the United States, especially in Mars and the Southern Green Canyon, means American standards from the Middle East, such as Oman, Upper Zacchaeus from the United Arab Emirates, or Basrah Heavy from Iraq, according to traders.
Mars prices in North Asia currently stand at $ 1.30 per barrel in Dubai, up from $ 2 a barrel two weeks ago, trade sources told Reuters.
The WTI Crude has seen an increase in recent discounts to Brent Crude, making it more convenient to buy American raw materials.
“Arbitration is wide open,” a Singaporean businessman told Reuters.
U.S. soybean prices are expected to fall sharply as the US Department of Energy plans to sell up to 20 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). According to Bloomberg, SPR is the largest seller in seven years.
Traders told Bloomberg earlier this month that despite demand for oil due to Delta alternatives, Asian oil refineries used lower US benchmark prices in the lower quarter than in the US.
Fishermen in Asia are looking for cheap courage, especially in Saudi Arabia. Oil exporters in the Gulf have also raised prices.
By Tsvetana Paraskova for Oilprice.com
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