Asia crude – Key market indicators this week
The crude oil market in Asia started the week of Dec. 21 lower as crude futures fell after closing at nine-month highs Dec. 18 due to the emergence of a highly infectious strain of coronavirus in the UK, which led to fears that tougher lockdown restrictions will be placed to curb its spread.
The ICE Brent February crude contract fell $1.70/b (3.25%) from the Dec. 18 settle to $50.26/b at 11:35 am Singapore time (0335 GMT) on Dec. 21.
MIDDLE EAST CRUDE Spot differentials for February-loading Middle East crude may ease further during the week starting Dec. 20, with most regional refiners having already completed the bulk of their crude procurement while plenty of cargoes remain unsold.