SINGAPORE / MOSCOW (Reuters) – Sokol, a Russian Far Eastern crude for November shipments, fell to its lowest since May amid weak demand from Chinese refineries, traders said Friday.
India's ONGC sold a batch of Sokol for Nov 7-18 shipment at a discount of about 80 cents a barrel to Dubai, market participants said.
The buyer of the batch was the Vitol trading company, they believed.
In mid-August, ONGC sold the shipment on October 27 – November 2 at a discount of about 10 cents a barrel to Dubai.
Traders said the fall in Russian Far Eastern oil prices was due to weak demand from China's refineries, which suffer from weak refining margins and persisting queues at ports.
(Shu Zhang, Olga Yagova)