Urals crude oil differentials to dated Brent were steady on Thursday, while cargoes of the grade loading in July were mostly headed for India, traders said.

Indian refiners were actively buying Urals oil loading in July, traders said, adding that the price level in Indian ports was close to a discount of $3.50 per barrel against Brent benchmark, broadly in line with the price level for June volumes.

Most of Urals oil cargoes loading in July that have traded so far were fixed for voyages to Indian ports, traders added, as well as to Turkey and China.

PLATTS WINDOW

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

NEWS

Russia-China trade options have narrowed since the U.S. imposed sanctions last week on the only Russian bank branch in China, but President Vladimir Putin’s Chinese visit last month has helped ensure the two countries have payment alternatives for now, three sources said.

China’s fuel oil imports cooled in May after hitting multi-year highs in April, data showed on Thursday.
Source: Reuters (Reporting by Reuters. Editing by Jane Merriman)