02 June 2009 08:55 [Source: ICIS news]
SINGAPORE (ICIS news)--Oil major ExxonMobil announced a $30/tonne (€21.3/tonne) price hike for group I and II base oils for Asian buyers on the back of rising crude and gas oil values, the company’s customers said on Tuesday.
The hikes, which would take prices of SN-150 and SN-500 for contract buyers to the low-to-mid $600s/tonne ex-tank ?xml:namespace>
Prices of bright stock would also be increased by $10/tonne, several buyers said.
“The price increases were in line with the market expectations,” said a
Asian base oils values have been rising over the past few weeks due to higher crude prices and steady regional demand amid tight supply, buyers and sellers said.
($1 = €0.71)
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