Russian Urals oil prices for freights loading in June firmed a little in Indian ports on excellent demand for the grade and limited supply due to output cuts pledged by Russia, two traders said.

Urals oil cargoes filling in the very first half of June were sold at a discount rate of $3.50 per barrel, a little firmer than May cargoes, which traded at a discount of $3.50-4 per barrel against dated Brent on delivered ex ship (DES) basis in Indian ports, traders stated.

Urals oil freights filling in the first half of June were mostly sold, while freights loading in the 2nd half of the month were on offer as traders have just gotten tentative loading dates, among the traders said.

Oil exports from Russian western ports were anticipated stable to reduce in June amidst Russian output cuts and high refinery runs. Russian offline main refining capability is anticipated to decrease in June, which might limit Urals oil supply much more as there is less oil offered for exports.

Freight rates for Russian oil materials from Baltic ports to India have just recently relieved amid fine accessibility of vessels and lower exports.