Iraq Ups Oil Prices for US and Asia, Drops Prices for Europe

  • Kirkuk crude to Europe decreased by $1.25 a barrel to a discount of $1.10 cents a barrel relative to the North Sea (Dated Brent) benchmark;
  • Basra Light to Europe will cost 85 cents a barrel less in November than in October and will sell at a discount of $2.30 a barrel to Dated Brent;
  • U.S. buyers will see a sixth consecutive price increase for the grade, with the discount to the ASCI narrowing to $1.10, an increase of 5 cents;
  • Kirkuk oil for U.S. buyers will also climb by 5 cents a barrel, to a 40 cents premium above the ASCI benchmark;
  • The discount for Basra Light to Asia narrowed by 30 cents to $1.05 a barrel below the Dubai-Oman benchmark.

(Sources: Bloomberg, Reuters)

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