June formula prices for term crude exports to Asia from Iraq, Iran and Kuwait mostly moved in line with competing Saudi crude, although as usual, Iraqi Basrah Light crude deviated the most from the trend, softening by 10￠/bbl against Saudi Arab Medium crude. A trader described the formula price of medium, sour Basrah Light crude as reasonable, adding that the dip in the term differential only reinforced Basrah's competitiveness against Arab Medium ( IOD Jul.12'13 ).
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