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.