Commodities
Europe’s Oil Demand Is Lifting Prices in West Africa and the North Sea
- Prices gain for March barrels from West Africa and North Sea
- Europe diesel strength spurs buying for supply outside Red Sea
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Europe’s oil refineries are stepping up crude purchases following a surge in the price of diesel and disruptions to imported shipments from the Middle East. The situation is driving up the cost of physical barrels of oil.
Two key West African grades, Forcados and Egina, were recently offered at premiums of more than $5 and $7 a barrel over the international benchmark Dated Brent. A month ago they were at about $4 and $6 above the same marker.