Singapore-The Middle East sour crude market staged an unexpected recovery in July as tightening of light oil products supply globally led to stronger product margins and revived refinery run rates across major demand centers in Asia, boosting sour crude differentials. FOB Singapore product spreads to Dubai have been higher in the month, with the naphtha crack rising to minus $6.75/b versus minus $8.10/b in June. The gasoline spread rose nearly $2/b to $6.94/b from $5.14/b, hitting a month-to-date high of $7.53/b in early July, S&P Global Platts data showed.
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