Crude oil prices in Asia stable

Crude oil prices in Asia stable

SINGAPORE (Reuter): Crude oil prices in Asia were stable amid
thin trade ahead of the Chinese New Year and Moslem Idul Fitri
celebrations here next week. Uncertainty over ongoing talks
between the United Nations and Iraq continued to dampen trade.

Cash April Brent was nationally pegged at US$17.10/17.20 a
barrel. On SIMEX, it was trading around $17.12 against the IPE
close at $17.15 previously. Most traders expected the market to
stay range-bound, with April Brent trading at $16.90-17.25,
barring fresh development from the UN-Iraq talks. April
Brent/Dubai spread was at $1.20/1.35, wider by 15-20 cents from
overnight.

Dubai market was barely underpinned by India's purchase tender
for April barrels. The tender would close on February 28.
April/May Dubai spread was at 22/28 cents backwardation while
May/June was at 15/18 cents.

Tapis paper was stable, with March at $18.75/18.90 and April
at $18.10/18.17. Malaysia continued to offer its 450,000 barrels
of March Miri at APPI Tapis plus $1.70. A potential bid was heard
target $1.50 premium.

Premiums of April MidEast crudes fell amid weaker demand
during the regional refinery maintenance period. Resale of term
Oman by a S.Korean refiner further pressured the Oman market.

Oman bids were now targeted at parity to the official selling
price, while offers were at 6-7 cents premium. Overnight, a major
bought two April Oman at five cents premium.

Buyers' premium for April Abu Dhabi Murban eased in tandem to
as low as 10 cents premium.

Two Japanese traders continued to seek premiums for March
Vietnam Bach-ho crude. A Chinese producer and a refiner sought
bids for February lifting Chinese Xijiang crude at APPI Minas-
related price. Traders said one to 1.5 million barrels of
Indonesian Minas were available in March from term contract
holders.