Middle East crude benchmark spot premiums of Dubai and Murban dipped on Wednesday, while that of Oman nudged up.
Oil prices climbed more than 1% on Wednesday, as investors weighed a fresh round of U.S. sanctions on Iran, a drop in U.S. crude stocks and a softer tone from President Donald Trump towards the Federal Reserve and his tariff war with China.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 10 cents to $1.71 a barrel.
PetroChina will deliver three June-loading Murban crude cargoes following the deals, two to Vitol and one to Gunvor.
Sinopec, Asia’s top refiner, resumed purchases of Russian oil after a brief pause last month to assess risks from sanctions imposed by the United States on Russian entities, trade sources said on Wednesday.
Saudi Arabia and India agreed to boost cooperation in supplies of crude and liquefied petroleum gas, according to a joint statement reported by the Saudi state news agency on Wednesday following a visit by Prime Minister Narendra Modi.
ConocoPhillips, a top U.S. oil and gas producer, plans to cut staff, the company said on Tuesday, amid a broad push to rein in costs and streamline operations after its $23 billion buyout of rival Marathon Oil.
U.S. oilfield technology firm Baker Hughes on Tuesday flagged a potential impact on its annual core profit of between $100 million and $200 million due to tariffs.
Norway’s combined oil and gas production declined by 4.9% in March but still exceeded an official forecast for the month by 1.1%, the Norwegian Offshore Directorate (NOD) said on Wednesday.
Source: Reuters
