NEW DELHI: Indian explorer Oil and Natural Gas Corp (ONGC) has sold a cargo of Russian Sokol crude for September loading at the lowest premium in more than three years after Middle East crude benchmarks strengthened, trade sources said on Monday.
ONGC sold 700,000 barrels of the crude for loading Sept. 10-16 to Glencore at $2.30 a barrel above the average Oman-Dubai quotes, the sources said. The premium is the lowest since December 2011.
Last week, the spread between Dubai and Brent dropped to the narrowest in more than five years, partly due to strength in the Middle East crude price marker.
