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Brent-Dubai Crude EFS Rises To Highest In 12 Weeks
Brent crude's premium to Middle East Dubai rose on Friday to its highest in nearly 12 weeks after oilfield glitches in the North Sea.
February 18, 2012 12:42 by Reuters
A wider Brent/Dubai Exchange of Futures for Swaps (EFS) may curb the flow to Asia of Atlantic Basin crude, priced on dated Brent, as buyers opt for lower-priced Dubai-linked grades.
The front-month EFS for April rose 89 cents from Thursday to $4.33 a barrel, its highest since Nov. 30, Reuters data showed.
The spread between April and May Brent widened in backwardation to 97 cents a barrel at Friday’s Asia close to reflect a tighter prompt market.
Six cargoes of North Sea Forties crude loading in March have been delayed, trading sources said on Friday, due to lower-than-expected output from oilfields including Buzzard.
(Reporting by Florence Tan; editing by Jason Neely)