13 April 2012 11:11 [Source: ICIS news]
SINGAPORE (ICIS)--US oil major ExxonMobil will increase the term prices of its base oil bulk cargoes in Asia by $40-50/tonne (€30-38/tonne) with effect from 30 April, the second such increase this month, market sources said on Friday.
The price increase will be applied to the supply of both Group I and II base oil , sources said.
Offers for SN150 and 150N will be revised up by $40/tonne, while prices of the higher-viscosity grades of SN500 and 500N will see a larger price increase of $50/tonne. Brightstock will cost $40/tonne more.
The latest round of price increase is in line with a firmer international market, according ot market sources.
Export prices of Group I SN150 and SN500 in Asia has risen by $80-100/tonne in the past five weeks as a result of high crude prices, with tight supply in ?xml:namespace>
The sentiment of buyers, however, is bearish.
“Crude prices have started to come off and the downstream demand in
($1 = €0.76)
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