Thursday , October 21 2021

The price of Brent crude oil over Dubai falls to the lowest level for more than 3 months The latest news


Refinetiv data showed that the Brent crude term premium relative to Dubai in the Middle East fell to USD 1.25 per barrel, the lowest level since the end of July, after Brent crude fell to its lowest level in seven months.

The decline of the Brent premium to Dubai oil usually stimulates the demand for raw materials related to Brent production in the Asia-Pacific region, as well as in the Atlantic basin.

But traders have argued that high freight prices hinder the flow of oil from the Atlantic basin arbitration system, prompting buyers from Asia to get closer to their region.

They added that narrowing the price difference between the two comparative oil prices could also reduce the demand for Dubai-related raw materials produced in the Middle East and Russia.

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