ONGC sells August-loading Russian Sokol crude at higher premium: Sources

Indian oil explorer ONGC has sold one Russian Sokol crude cargo, loading August 2-8, at a spot premium of around $3.60 a barrel to Dubai quotes to China oil through a tender, trade sources said on Wednesday.

Asia's spot premium for Sokol crude has rebounded strongly since May from a record discount seen in April, helped by tighter crude supply due to OPEC cuts.

Last month, ONGC sold one Russian Sokol crude cargo, loading July 18-24, at a small spot premium of less than 20 cents a barrel to Dubai quotes to a Korean buyer.