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Russian oil to US gets snapped up in Asia buying binge

Physical cargoes of crude oil from Russia, the U.S. and the Middle East were getting snapped up at higher prices as buyers across Asia entered a bidding war to secure supplies.

January shipments of Russian ESPO, a favorite among Chinese and Japanese refiners, were sold at a five-month high premium over Dubai prices after spot differentials for Sokol rose $1 a barrel. In the Middle East, Chinese byers were were seen buying grades such as Das at a premium to its official price, even though the light-sour variety is typically not popular among the nation’s processors.

PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.