Sour crude prices weaken in Asia despite OPEC+ cuts – Reuters

Sour crude prices weaken in Asia despite OPEC+ cuts – Reuters

SINGAPORE, May 19 (Reuters) - Middle East crude prices in Asia fell to their lowest level in months, despite OPEC+ production cuts, traders said, as Asian refiners held back spot purchases and China and India binged on cheap Russian oil.

Benchmark Dubai crude's premium fell to a 4-month low of 70 cents a barrel above Dubai quotes on Wednesday, while Qatar has set al-Shaheen's July term price at a 27-months-low after increasing supplies.

The fall in prices may prompt top exporter Saudi Arabia to cut prices for its term cargoes to Asia for a second straight month in July, traders said.