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US Cash Crude-Grades little changed amid hope for US-China trade deal

ReutersJun 9, 2025 10:14 PM

- Grades were little changed on Monday, dealers said, as investors weighed rising global supplies amid optimism around U.S.-China trade talks and a deal that could boost the global economic outlook and subsequently fuel demand.

Mars Sour WTC-MRS rose 5 cents, while WTI Midland WTC-WTM and WTI at East Houston WTC-MEH, also known as MEH, eased 5 cents each.

OPEC oil output rose in May, a Reuters survey found, although the increase was limited as Iraq pumped below target to compensate for earlier overproduction and Saudi Arabia and the United Arab Emirates made smaller hikes than allowed.

Top U.S. and Chinese officials sat down in London for talks aimed at defusing their high-stakes trade dispute, which has widened in recent weeks beyond tit-for-tat tariffs to export controls over goods and components critical to global supply chains.

The talks were set to extend to a second day and restart on Tuesday, a U.S. source familiar with the negotiations said.

Meanwhile, there is a risk that inventories at Cushing in June could be tight, analysts at Energy Aspects said, citing wildfires in the Canadian province of Alberta.

In refining news, U.S. oil refiners are expected to have about 210,000 barrels per day of capacity offline in the week ending June 13, increasing available refining capacity by 66,000 bpd, research company IIR Energy said on Monday.

* Light Louisiana Sweet WTC-LLS for July delivery was unchanged at a midpoint of a $2.75 premium and was seen bid and offered between a $2.50 and $3.00 a barrel premium to U.S. crude futures CLc1

* Mars Sour WTC-MRS rose 5 cents to a midpoint of a $1.60 premium and was seen bid and offered between a $1.40 and $1.80 a barrel premium to U.S. crude futures CLc1

* WTI Midland WTC-WTM eased 5 cents to a midpoint of a 55-cent premium and was seen bid and offered between a 40-cent and 70-cent a barrel premium to U.S. crude futures CLc1

* West Texas Sour WTC-WTS eased 20 cents to a midpoint of a 20-cent discount and was seen bid and offered between a 30-cent and 10-cent a barrel discount to U.S. crude futures CLc1

* WTI at East Houston WTC-MEH, also known as MEH, traded between a 55-cent and 85-cent a barrel premium to U.S. crude futures CLc1

* ICE Brent August futures LCOc1 rose 57 cents to settle at $67.04 a barrel on Monday.

* WTI July crude CLc1 futures remained unchanged at $65.29 a barrel on Monday .

* The Brent/WTI spread WTCLc1-LCOc1 narrowed 2 cents to last trade at minus $2.82, after hitting a high of minus $2.79 and a low of minus $2.90.

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