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)
Basra Heavy Trading at Discount: By John Lee. According to a report from Reuters, the new Basra Heavy crude oi... http://t.co/U4wpSqBVyw
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