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* Urals outright prices tracked Brent and surged to over $20/bl early in the new year after Opec and non-Opec producers agreed to cut world crude supply by almost 2mn b/d. But continuing weak global demand later put pressure on prices.
* Urals' discount to dated Brent narrowed to 22 cents/bl in northwest Europe at the beginning of January but sentiment turned more bearish when it emerged that Russian January exports will be largely unchanged from December. Several January cargoes remained on offer and the grade's discount widened to 27 cents/bl.
* In the Mediterranean, Urals' discount to dated Brent widened as deteriorating refining margins put a cap on …