Economics
Russian Urals Crude Oil Premium Rises to 20-Year High
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Russian Urals crude jumped to the highest premium to Dated Brent in at least 20 years after a decline in seaborne exports.
Urals was at 73 cents a barrel more than Dated Brent in the Mediterranean, the highest since at least July 1991 when Bloomberg started tracking the data. Over the past two decades, Urals has usually traded at a discount to Brent, averaging almost $4 less than the North Sea benchmark in 2005.