Middle East Crude-Benchmarks hit new highs amid Russian supply jitters

Middle East Crude-Benchmarks hit new highs amid Russian supply jitters

SINGAPORE- Middle East crude benchmarks Oman and Dubai rose to fresh all-time highs on Monday on tight supplies, while jitters over disruption in Russian energy supplies amid the Ukraine crisis kept global oil markets in wide backwardation.

Brent's premium to Dubai quotes widened on Monday to $6.31 a barrel, edging closer to the 2013 high of $6.48 seen last week, keeping arbitrage windows to Asia closed.

Iraq's SOMO has offered 2 million barrels of Basra Medium crude for April loading in a tender to close on Feb. 24, traders said.

Prior to this, Basra Medium crude for March loading traded in a wide range from about 20 cents a barrel above its official selling price (OSP) in a purchase by a Thai refiner to a discount by a Chinese refiner, trade sources said.

There were limited Basra Heavy crude cargoes available in March, traders said, underpinning the crude's premiums at above $1 a barrel.

ASIA-PACIFIC CRUDE

Japan's Mitsubishi Corp 8058.T has made an unusual purchase of Vietnamese low-sulphur crude loading in April that will be supplied to Japanese power plants, trade sources said on Monday.

The trading house purchased 300,000 barrels of Chim Sao crude from state oil marketer PV Oil at about $7.50 a barrel above