The price of physical North Sea benchmark Dated Brent rebounded in July, reflecting tightness in the market and anxiety at ongoing issues in Iraq and Libya. Having been assessed at $99.74 June 24, the first time the benchmark had dipped below $100/b since May 1, Dated Brent traded up to $109.77/b July 17 before closing at $108.41/b July 29. "It's all been about fallout from supply disruptions across the board, particularly in Libya and Nigeria," one trader said. The North Sea crude oil market has experienced a period of unusual stability over the second half of July, with the key Forties crude oil grade unchanged July 26 from Dated Brent plus $0.76/barrel on July 15. Traders attributed this to a combination of continued positive refining margins, tightness in the market and seasonal maintenance of the North Sea Forties grade.
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