Urals oil differentials to dated Brent remained steady and firm on Friday, while traders said the grade’s values found balance.

Russian Urals oil prices for cargoes loading in July were steady in Indian ports, helped by healthy demand for the grade and an expected decline in exports next month, despite rising risks of sanctions, three traders said on Friday.

Urals oil cargoes loading in July were sold at a discount of about $3.50 per barrel against dated Brent on a delivered ex-ship (DES) basis in Indian ports, in line with June cargoes, they said.

PLATTS WINDOW

No bids or offers were made for Urals, CPC Blend and Azeri BTC crude in the Platts window on Friday.

NEWS

Russia is close to ruling on a continuation of gasoline exports in July, extending a waiver on a partial ban on overseas fuel sales, industry sources told Reuters on Friday.

Trading houses Trafigura and Gunvor bought nine cargoes of crude that underpin the international Brent benchmark in the last week and bid for more, helping to drive the steepest gains since a change in the way it was assessed in 2023.
Source: Reuters (Reporting by Reuters; Editing by Daniel Wallis)