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Crudes in Asia retreat,

sentiment stays firm

SINGAPORE: Crude oil prices in Asia retreated on Friday from bullish rallies in New York.

Although the talks between the United Nations and Iraq have taken a back seat to the bull run in international benchmark crudes, trade was stymied by potential news emerging from the talks over the weekend.

Traders said sentiment in Asia was firm on the back of continued strength seen in the WTI and Brent prices.

Prompt crude prices in NYMEX after hours trading system ACCESS shed 44 CENTS from its previous close at $25.34 per barrel to trade around $24.90.

Cash May Brent was assessed at $22.65/22.75. On SIMEX, it was bid/asked at $22.75/22.80 against its previous close on the IPE at $23.06.

Brent/Dubai spread stayed wide on Brent's strength. June was seen at $2.25/2.40 and July at $1.50/1.60, widening 10 cents each from overnight.

Some traders in Asia felt the Brent/Dubai spread might narrow shortly as most May Dubai cargoes had been committed and traders mulling over the possibility of moving cargoes into the US.

Spot offers of June Oman were at 15-20 cents premium.

Most bids were at nine to 10 cents premium. The market was underpinned by US buying interest. To-date, only one US refiner was seen to have secured two cargoes for the US while one was said to have secured the barrels for its Asian refinery. Spot offers of June Abu Dhabi crudes were at 35 cents for Lower Zakum and 30 cents for Murban. Potential bids were seen 10-15 cents away.

Spot offers of Malaysian crudes were at APPI Tapis plus $1.00. No fixed bids or offers heard. Only 200,000 barrels of April Indonesian Minas were left in the hands of a producer. Cargo could potentially head West.-Reuter