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Saudi crude prices to Asia may fall in August

03 July 2010

Oil traders have said they expect prices of Saudi Arabia's crude grades heading to Asia for August to be reduced on slow demand from regional refiners and intensifying competition from Russian ESPO crude, Reuters has reported. "I expect Saudi to cut differentials across the board again, as the sentiment for both light and medium grades are not so good," said a trader with a Northeast Asia refiner. Last month, Saudi Arabia cut July official selling prices (OSPs) across the board for its crudes to Asia, with the prices of Arab Medium and Arab Heavy dropping to their lowest in 17 months.

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