Asia Crude-Chinaoil offers June Basra Light in rare tender
Chinaoil, the trading arm of state-owned PetroChina, offered Basra Light for June loading in a rare tender, traders said on Tuesday.
May 29, 2012 6:17 by Reuters
Chinaoil, the trading arm of state-owned PetroChina, offered Basra Light for June loading in a rare tender, traders said on Tuesday.
The tender is issued at a time when the market has almost finished trading July cargoes and it could weigh on sentiment for Middle Eastern grades.
“It’s not a good sign,” a trader said, adding that a slowdown in China’s economy has affected its oil demand.
Chinaoil usually sells its Iraqi barrels through private negotiations with end users. It is unclear why it decided to sell the June cargo via a tender.
(Reporting by Florence Tan and Judy Hua; editing by Miral Fahmy)
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