Higher-than-expected price hikes by two major Middle East crude producers had crude markets in Asia pausing June 10 to await further official selling prices and monthly crude allocations from other producers for July. Benchmark Dubai crude futures were largely steady as a result, market participants said early June 10.
The August Dubai crude futures contract stood at $40.19/b at 11 am in Singapore (0300 GMT), up 0.8% from the assessment at $39.88/b at the Asian close on June 9.

Intermonth spreads along the Dubai paper curve were barely changed overnight, with the July/August spread pegged at 5 cents/b on June 10. It had been assessed at 2 cents/b at the 0830 GMT close of Asian trading June 9…