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|12 February, 2019

Brent's premium to Dubai crude falls to lowest in more than 8 years - data

Middle East benchmark strengthened against the European sweet oil market

Image used for illustrative purpose. Workers are seen at the Borouge petrochemical facility at ADNOC's Ruwais Industrial Complex in Ruwais, United Arab Emirates May 14, 2018.

Image used for illustrative purpose. Workers are seen at the Borouge petrochemical facility at ADNOC's Ruwais Industrial Complex in Ruwais, United Arab Emirates May 14, 2018.

REUTERS/Christopher Pike

SINGAPORE- * Brent crude's premium to Dubai crude fell to the lowest in more than eight years as the Middle East benchmark strengthened against the European sweet oil market, Refinitiv data showed on Tuesday

* Brent's Exchange Futures for Swaps (EFS) to Dubai touched a low of 28 cents a barrel in Tuesday's trade before settling at 36 cents a barrel at Asia's market close, the lowest since June 2010, according to the data and a trader

* The narrow spread is expected to boost Asia's demand for crudes produced in the Atlantic Basin that are priced off Brent

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(Reporting by Florence Tan; editing by David Evans) ((Florence.Tan@thomsonreuters.com; +65 6870 3497; Reuters Messaging: florence.tan.thomsonreuters.com@reuters.net))

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