The spot market for Russia’s key East Siberia-Pacific Ocean (Espo) crude oil was supported by tighter-than- usual supply, expectations of expen- sive term Mideast crudes and tight Mideast crude supply due to Opec- plus production cuts. But the spot market softened late in trading due to weaker Chinese de- mand and a backwardated Dubai price structure, a situation when prices are expected to fall going for- ward, market players said.
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