Basra Heavy Trading at Discount

By John Lee.

According to a report from Reuters, the new Basra Heavy crude oil grade has been trading at a widening discount.

Malaysia's Petronas reportedly sold 2 million barrels for June loading to Indian refiner Essar Oil at a discount of more than $1 a barrel to its official selling price.

bigger than expected export volume of the new grade, added to caution among Asian refiners, has restricted demand for the oil in Asia.

(Source: Reuters)

(Oil prices image via Shutterstock)