Behind a Saudi-Russian truce to stabilise oil markets with a record output cut, market players are seeing the two production heavyweights still trading blows in the physical market. It is here, rather than in the world of futures prices, that a long-standing battle for market share carries on, particularly in Asia, shipping data analysed on Monday by Reuters shows. "Beyond the cooperative statements the fight is still going on," a source at a trading firm told Reuters, adding that Saudi Arabia's official selling prices (OSPs) signalled that the kingdom was targeting the Asian market, where demand remains relatively resilient during a global slowdown.
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