Still, exports are likely to be hit by narrow Brent/WTI spread. The spread hovered near its narrowest this year at minus $4.05. An arb stronger than minus $6.00 hurts U.S. exports. Meanwhile, release of sweet crude oil from the U.S. emergency reserve has hurt WTI Midland prices.
OPEC on Thursday flagged downside risks to summer oil demand, adding oil inventories looked more ample and global growth faced a number of challenges.
* Light Louisiana Sweet for May delivery rose 25
cents to a midpoint of a $2.15 premium and was seen bid and
offered between a $2 and a $2.30 a barrel premium to U.S. crude
futures
* Mars Sour gained 30 cents at a midpoint of a
75-cent discount and was seen bid and offered between a $1 and
an 50-cent a barrel discount to U.S. crude futures
* WTI Midland eased 10 cents to a midpoint of a
50-cent premium and was seen bid and offered between a 25-cent
and a 75-cent a barrel premium to U.S. crude futures
* West Texas Sour fell $1.25 to a midpoint of a
35-cent discount and was seen bid and offered between a 50-cent
and a 20-cent a barrel discount to U.S. crude futures
* WTI at East Houston , also known as MEH, traded
between a 50-cent and an 80-cent a barrel premium to U.S. crude
futures
* ICE Brent June futures rose $1.24 to settle at
$86.09 a barrel on Tuesday?.
* WTI May crude futures rose $1.10 to settle at $82.16 a barrel on Tuesday?.
* The Brent/WTI spread narrowed to minus $4.07, after hitting a high of minus $4.05 and a low of minus $4.24. (Reporting by Arathy Somasekhar; Editing by Richard Chang)
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