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Middle East crude benchmarks Oman and Dubai strengthened slightly on Thursday as more Asia-buying interests emerged, while demand concerns lingered.India’s IOC IOC.NS closed two spot tenders to buy sweet and sour crude with bids valid till later on Thursday.
The results of Pertamina’s crude purchase tenders, closed earlier this week, were not yet clear.Asia’s term buyers have nominated their February-loading volume for Saudi crude, while the allocation results are expected to emerge in a couple of days.The overhang of unsold cargoes from last month, such as ADNOC grades and Oman crude, will weigh on the physical market this month, two trading sources said.
For Asia-Pacific crude, Vietnam’s PV Oil offered 6,700 barrels per day (bpd) of Rang Dong crude for loading over April-September via a term tender to be closed on Jan. 12 with bids valid till Jan. 26.
Indonesia has set the official Indonesia Crude Price (ICP) for Minas crude oil at $49.47 a barrel for December, up $6.67 from the previous month, a pricing document seen by Reuters showed on Thursday.
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