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Market Chatter: Rising Gulf Output Pushes Crude Beyond Traditional Asian Buyers

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Middle Eastern oil producers are seeking buyers beyond Asia as production rebounds faster than regional demand after refiners secured alternative supplies during the recent disruption, Bloomberg reported Tuesday, citing traders familiar with the matter.

Traders said marketers are offering UAE crude to the US West Coast, while similar cargoes could also head to Hawaii if deals materialize.

Asian refiners boosted purchases of US barrels during the disruption in the Strait of Hormuz and now have sufficient supplies, reducing demand for additional Gulf crude, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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