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FINANCIAL NEWS
Dubai’s trade volume of crude to Asia hit all-time high
22 Aug 2015
(MENAFN) The number of cargoes traded during a pricing process for Middle East crude exports to Asia hit an all-time high in August after Chinaoil bought another four cargoes, traders said.
Aggressive trading, with heavy buying by Chinaoil and selling by Unipec, has pushed up Middle East crude prices for Asia, even as other grades are being pressed lower by a global glut.
Trades during the Platts Dubai Market on Close (MoC) process led to the delivery of 58 October-loading cargoes this month, or 29 million barrels, the traders said. This exceeds the previous high of 55 June-loading cargoes traded in April.
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