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Crude oil prices

firm in Asia

SINGAPORE: Crude oil prices in Asia firmed with bullish Nymex as prospects of an imminent agreement between the United Nations and Iraq looked dimmer, traders said.

Traders added the UN-Iraq talk overshadowed Tuesday's crude draw of 1.32 million barrels in the US as reflected by the American Petroleum Institute.

On Nymex after hours trading system ACCESS, June extended gains in New York to trade at $23.10/23.16 per barrel against its close at $22.70. Traders pegged near-term support and resistance at $22.50 and $23.50 respectively.

Cash June Brent was assessed in line with Simex.

June Brent was at $20.55/20.60. Its previous close on the IPE was at $20.23. Near-term support and resistance for Brent were seen at $19.30 and $20.84 on the charts.

The market continued to eye price movements on the gas oil and gasoline for clearer directions.

The June Brent/Dubai spread widened to $2.15/2.25 from $1.70/1.80 overnight on weaker Dubai. Most traders were not expecting much support from India's purchase tender given its track record in recent months.

Thai Bangchak refinery was said covered for its June MidEast crude requirement and unlikely to issue any spot tender.

It said it purchased 600,000 barrels of June 1-15 lifting Tapis at APPI Tapis plus 35 cents per barrel fob. However according to other sources, the award was at 40 cents premium.

In the tender, an offer of Australian Jabiru was made at APPI Tapis plus about $1.30 and Thevenard at APPI Tapis plus $1.80 cost-and-freight basis.

Malaysia upped its offers of end May-June Tapis cargoes to $20.50 or APPI Tapis plus 50 cents fob. May paper Tapis was bid/asked at $20.00/20.20 against $19.10/19.50 overnight. Spot Indonesian Minas premiums remained stable, underpinned by Chinese demand.-Reuter