The market is settling after U.S. crude's discount to international benchmark Brent narrowed to $3.21 a barrel on Friday, the most since June. A narrower discount typically makes U.S.-linked crudes less attractive to foreign buyers.
The discount traded in a tight range on Monday, narrowing slightly and last trading around $3.80 a barrel.
Coastal grades Light Louisiana Sweet and Mars Sour both weakened.
In oil futures, oil prices dropped by a dollar a barrel on
Monday after weak economic data from China and expectations of
another U.S. interest rate hike outweighed support from OPEC+
supply cuts that take effect this month.
* Light Louisiana Sweet for June delivery fell 10
cents to a midpoint of a $1.9 premium and was seen bid and
offered between a $1.70 and $2.10 a barrel premium to U.S. crude
futures ?
* Mars Sour fell 5 cents to a midpoint of a $1.55
discount and was seen bid and offered between a $1.65 and $1.45
a barrel discount to U.S. crude futures ?
* WTI Midland was unchanged at a midpoint of a
65-cent premium and was seen bid and offered between a 55-cent
and 75-cent a barrel premium to U.S. crude futures ?
* West Texas Sour was unchanged at a midpoint of an
85-cent discount and was seen bid and offered between a 95-cent
and 75-cent a barrel discount to U.S. crude futures ?
* WTI at East Houston , also known as MEH, traded at
a midpoint of an 85-cent premium and was seen bid and offered a
between a 75-cent and 95-cent a barrel premium to U.S. crude
futures ?
* ICE Brent July futures fell $1.02 to settle at
$79.31 a barrel on Monday?.
* WTI June crude futures fell $1.12 to settle at $75.66
a barrel on Monday?.
* The Brent/WTI spread widened, after hitting a
high of minus $3.67 and a low of minus $3.84.
(Reporting by Stephanie Kelly in New York; editing by Jonathan
Oatis)
