SINGAPORE : Asia's spot crude market has peaked after touching near two-year highs this week, as a possible release of oil reserves from top consumers globally dented sentiment and weighed on prices, trade sources said.
In addition, Brent's premium to Dubai quotes has also cooled from eight-year highs hit earlier this month, and could make crude from the Atlantic Basin more affordable to Asian buyers again. "Prices did come off, so I guess the threat of one is more effective than actually doing it," said a senior crude trader in Singapore.
"I think it spooked the Shandong refineries, so all in all it's translating to a slowdown in the market," a second trader said.
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