Urals average price reaches $70

Prices of the Russian crude oil export Blend Urals crossed the level of $70 per barrel in Europe on June 11 for the first time since May 2019, the international price agency Argus said.

Urals prices climbed to $70.1 per barrel in Northwest Europe on June 11 and crossed this mark in the Mediterranean on June 14. The Urals blend is growing right after the Brent benchmark but still keeps a negative differential against the North Sea blend. It amounts to $1.65 a barrel in Northwest Europe and $1.95 per barrel in the Mediterranean.

The Urals oil was traded last time above $70 per barrel in the Northwest Europe on May 22, 2019, and in the Mediterranean - on May 28, 2019, TASS reported.