The market for physical crude barrels in Asia is showing signs of weakness with muted buying from some in China leading to ample supply. Spot differentials for cargoes scheduled to be loaded in April or May from the Middle East and Russia — which make up a large portion of the oil consumed by Asian refiners — have suddenly dipped. The premium of Abu Dhabi’s Murban crude slipped about 10 cents a barrel in a single day, while Russia’s ESPO was sold recently at least 60 cents cheaper than deals earlier in the week. The retreat of Chinese buyers from the market coincides with a higher intake of Iranian crude in recent weeks, which has attracted the ire of the U.S. The prospect of Korea National Oil Corp. offering supply from its strategic reserves — although fleeting — also put pressure on the market. A so-called lease and re-delivery […]