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Crudes in Asia

extend gains,

sentiment firm

SINGAPORE: Crude oil prices in Asia continued to inch up after a roller-coaster ride in New York overnight following the shutin of two pipelines in US Midwest.

Trade remained cautious ahead of continued talks between the United Nations and Iraq at 1500 GMT on Tuesday.

Prompt crude price on NYMEX after trading hours system ACCESS extended gains to trade around $25.26 per barrel, up 20 cents from its close on NYMEX.

Cash June Brent was notionally assessed at $20.45/20.50. On SIMEX, it was bid/asked at $20.50/20.55 against its previous close in London at $20.40.

The near-term support and resistance for May Brent were seen at $20.00/20.60.

Dubai held steady against Brent, with June spread seen at $2.35/2.45 and July at $1.50/1.55. Intra-Dubai spread stayed wide on continued sluggishness for the prompt crude due to scattered refinery maintenance in Asia. June/July Dubai was seen at 55/65 cents and July/August at 55/60 cents.

Spot premiums of June lifting MidEast crudes stayed firm on continued strength in WII and an open arbitrage window West. June Oman was assessed at 12/15 cents premium. June Abu Dhabi Murban premiums edged up about five cents 30/32 cents.

Lower Zakum was assessed around 35 cents premium. Earlier, a cargo of June Qatar land was said traded at three cents premium to the official selling price.

Asian crude market was less volatile than the West. paper May Tapis was assessed at $19.80/20.30, up 30 cents from overnight. In the cargo market, Malaysia maintained its target at $1 premium to APPI Tapis, but no firm bids were seen.

Chinese importers said their May requirements of non-Asian would be little changed from April. Its demand for Asian grades was still evident but solely price-dependent, sources said.-Reuter