Med crude-Urals diffs firm on softer freight rates from Russia's ports to India
MOSCOW, March 26 (Reuters) - Urals crude differentials firmed on Wednesday on softer freight rates on a key route from Russia's western ports to India amid an increase in offers from Western ship owners after prices for the grade fell below a price cap of $60 per barrel.
The cost of shipping Urals oil from the Baltic ports of Primorsk and Ust-Luga to India fell to $7 million per one-way shipment on average after rising to a 12-month high early in March.
Traders said they anticipated freight rates would soften further, though an expected increase in oil loadings next month could underpin prices.
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PLATTS WINDOW
No bids or offers were shown for Urals, Azeri BTC and CPC Blend in the Platts window on Wednesday.
NEWS
Russia's Deputy Prime Minister Alexander Novak said on Wednesday that global oil demand was seen rising by between 1.0 million barrels per day and 1.5 million bpd this year.
Alexander Novak and Hungary's Foreign Minister Peter Szijjarto discussed bilateral trade and conditions for enhanced energy cooperation, the Russian government said on Wednesday.
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