Libya Hurts Med Refiners, Rewards Russian Links: Energy Markets
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The best-quality oil is fetching the highest premium in more than two years, weighing on profits at Mediterranean refiners that depend on Libyan crude.
North Sea Dated Brent, Europe’s benchmark low-sulfur grade, sold for $7.11 a barrel more than Dubai crude, a Middle Eastern high-sulfur oil, on April 11, according to data compiled by Bloomberg. That’s the highest spread since October 2008. Brent’s premium to Iran Heavy crude has doubled from January’s average.