Reuters SG
Middle East crude prices in Asia fell to their lowest level in months, despite OPEC+ production cuts, traders said, as Asian refiners held back spot purchases and China and India binged on cheap Russian oil. Benchmark Dubai crude's premium fell to a 4-month low of 70 cents a barrel above Dubai quotes on Wednesday, while Qatar has set al-Shaheen's July term price at a 27-months-low after increasing supplies. The fall in prices may prompt top exporter Saudi Arabia to cut prices for its term cargoes to Asia for a second straight month in July, traders said.