US Cash Crude-Grades slip on second full day of cash roll trading period

Feb 24 (Reuters) - Grades fell on Monday, the second full day of the roll trade that traders use to manage their positions, dealers said.

Traders use the three-day roll period following the expiry of the WTI contract to square positions and manage exposure, resulting in more volatile trading.

Prices to roll U.S. crude oil positions from March to April traded at 20 cents a barrel, dealers said.

Meanwhile, Iraq is waiting for Turkey's approval to restart the oil flows from the Iraqi Kurdistan region, the Iraqi oil minister said on Monday, adding that Kurdish oil exports will hopefully be ready in two days, in turn weighing on the physical market.

Curbing some losses, the United States imposed a fresh round of sanctions targeting Iran's oil industry on Monday, hitting more than 30 brokers, tanker operators, and shipping companies for their role in selling and transporting Iranian petroleum, the Treasury Department said.

The announcement comes as U.S. President Donald Trump seeks to bring Iran's crude exports to zero to prevent the country from obtaining a nuclear weapon and builds on the layers of sanctions already imposed by his government and the previous Biden administration.

Light Louisiana Sweet WTC-LLS for March delivery fell 25 cents to a midpoint of a $3.00 premium and was seen bid and offered between a $2.90 and $3.10 a barrel premium to U.S. crude futures CLc1

Mars Sour WTC-MRS fell 75 cents to a midpoint of a $1 premium and was seen bid and offered between a 90-cent and $1.10 a barrel premium to U.S. crude futures CLc1

WTI Midland WTC-WTM fell 10 cents to a midpoint of a $1.30 premium and was seen bid and offered between a $1.20 and $1.40 a barrel premium to U.S. crude futures CLc1

West Texas Sour WTC-WTS fell 10 cents to a midpoint of an 80-cent premium and was seen bid and offered between a 70-cent and 90-cent a barrel premium to U.S. crude futures CLc1

WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.50 and $1.70 a barrel premium to U.S. crude futures CLc1

ICE Brent April futures LCOc1 rose 35 cents to settle at $74.78 a barrel

WTI April crude CLc1 futures rose 30 cents to settle at $70.7 a barrel

The Brent/WTI spread WTCLc1-LCOc1 narrowed 6 cents to last trade at minus $3.97, after hitting a high of minus $3.96 and a low of minus $4.12