Murban to become popular among Asian buyers, analysts say

Murban to become popular among Asian buyers, analysts say

Abu Dhabi's new commodity benchmark based on its flagship Murban crude is expected to become popular among Asian buyers, according to analysts.

The benchmark enjoyed a decent start to trading, opening at $63.45 per barrel compared with S&P Platts closing assessment price of $62.40 per barrel on Friday following its launch on the ICE Futures Abu Dhabi exchange on Monday.

"We would see an uptake from Asia and obviously Middle Eastern concerns," said Stephen Innes, chief global market strategist at Axi.

Murban, which accounts for half of Adnoc's production, with outflows to Japan, China and India, could be a "great vehicle" for Asian refineries