Benchmark crude prices firmed amid persistent concerns that supply will not increase by enough to meet projections of a sharp rise in demand in the third quarter. Atlantic basin marker North Sea Dated rose by $5.36/bl to $119.66/bl. US marker WTI lagged, gaining $1.53/bl to $101.93/bl and widening its discount to North Sea Dated to over $17/bl. Problems at the Buzzard field in the North Sea have cut Forties supply for July to its lowest in almost two years, boosting the benchmark-setting grade. Repairs are due in July, but until output returns to more normal levels, North Sea grades will find support at high levels, despite refiners strug- gling with narrow refining margins.
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