Middle East crude benchmark Dubai slipped for the first time in four sessions on Wednesday following strong selling pressure from U.S. majors and a Japanese trading house on the window.
QatarEnergy is expected to issue soon monthly tenders to sell various crude grades for August-loading.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 18 cents to $1.23 a barrel.
NEWS
U.S. crude oil production will fall next year as lower commodity prices cause a slowdown in drilling activity, the U.S. Energy Information Administration said on Tuesday in its monthly Short-Term Energy Outlook report.
Oil demand growth will remain robust over the next two and a half decades as the world population grows, OPEC Secretary General Haitham Al Ghais said on Tuesday.
The first crude cargo from Guyana’s fourth oil production facility, which arrived in the country in April and is being installed, is set to be exported between late August and early September, the government told Reuters on Tuesday.
The U.S. relies on Canadian oil imports, despite comments to the contrary by U.S. President Donald Trump, Cenovus Energy CVE CEO said on Tuesday.
The European Commission proposed on Tuesday an 18th package of sanctions against Russia for its invasion of Ukraine, aimed at Moscow’s energy revenues, its banks and its military industry.
Source: Reuters