US oil shipments to Asia may hit new high in July, cool Middle East crude prices
Updated : May 22, 2018 01:16 PM IST
US crude arriving in Asia hit an all-time high of close to 25 million barrels in May with cargoes discharging in China, South Korea, Singapore, India and Malaysia.
The volume dips to about 19 million barrels in June, but is set to rebound again in July after US crude futures slipped to the widest discount in three years against Brent this week.
The drop in US crude prices coincides with rising values for Middle East oil in Asia and has opened the arbitrage window.
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