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Improved arbitrage economics and firmer demand for petrochemical feedstocks helped boost exports of naphtha-rich US WTI crude to India in April to its highest level in nearly a year, according to vessel tracking data.
Heavy crude oil prices and refining costs are climbing around the world due to the limited supply of heavy crude at the moment.
Saudi Arabia is expected to raise the price of its flagship Arab Light crude loading for Asia in June.
The weakening signs in physical markets have been driven by peak refinery maintenance, extra supply from the US, and a recovery from outages at some producers
Plentiful supplies of some of the biggest crude grades are limiting the impact on benchmark oil futures prices of conflict in the Middle East, according to analysts and traders. Brent...