Russian oil prices from the Volga river region for domestic market supply in July have reached a record high, rising by around 11% from the previous month thanks to stronger oil prices on global markets, Reuters monitoring showed on Thursday.

Traders said oil for July delivery at the regional metering points jumped to between 36,700-37,100 roubles ($507.60-$513.10) per tonne, up from 32,900-33,600 roubles a month earlier, which was also a record high.

Brent crude futures LCOc1 have hit their highest since October 2018 this week and have been on the rise this year thanks to supply cuts led by the OPEC+ and recovering demand amid easing COVID-19 restrictions O/R.

Industry sources said oil from the Russian region of Udmurtia at a Rosneft’s ROSN.MM tender reached 36,900 roubles per tonne, although the company has not confirmed the tender results.

Rosneft does not comment on its oil tenders.
Source: Reuters (Reporting by Ludmila Zaramenskikh; Writing by Vladimir Soldatkin; Editing by Edmund Blair)