Middle East crude benchmark spot premiums of Dubai and Murban edged lower on Friday and posted weekly declines, while that of Oman also fell but was flat on a weekly basis.
Oil prices were set for a weekly decline of nearly 2% on the back of oversupply concerns and uncertainty around tariff talks between the U.S. and China.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 30 cents to $1.43 a barrel.
PetroChina will deliver two June-loading Murban crude cargoes following the deals, one to Gunvor and one to Vitol.
NEWS
Iranian Oil Minister Mohsen Paknejad said during a visit to Moscow on Friday that Iran would boost cooperation with Russia in agriculture and banking and remove barriers in all spheres of cooperation between the two countries.
President Donald Trump on Thursday signed an executive order aimed at boosting the deep-sea mining industry, marking his latest attempt to boost U.S. access to nickel, copper and other critical minerals used widely across the economy.
Aster Chemicals and Energy, the new operator of the Bukom refining complex, is planning to bid for Exxon Mobil’s XOM petrol stations in Singapore, five people with knowledge of the matter said, as the refiner seeks retail fuel sales outlets.
Sri Lanka will start work next month on plans to develop an energy hub with India and the United Arab Emirates, the energy minister said on Friday, as the nation looks to leverage its strategic location to cement a recovery from a financial crisis.
Source: Reuters
