Middle East crude benchmarks Oman, Murban and Dubai all slipped on Thursday, against a backdrop of thin spot liquidity with only two major traders in the open window.

Premiums all slipped to fresh lows, with Dubai premium extending losses for the fifth straight trading session and hovering at two-month lows.

Meanwhile, both Oman and Murban premiums breached five-month lows.

Mercuria will take delivery of its third Oman cargo following trades on the Platts window.

Traders stayed cautious on overall demand fundamentals, given the persistent weakness in fuel products – especially gasoline – margins in the past two trading sessions.

Some worries on refinery run cuts for both June and July were still prevalent, one source said, adding that near-term support could be hard for the market.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 5 cents to $1.34 a barrel.

NEWS

– Oil prices eased on Thursday after resilient U.S. economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand.

– Goldman Sachs remains selectively bullish on commodities, it said in a note on Wednesday, citing solid demand growth, expectations of more structural upside in industrial metals and gold, and a shrinking geopolitical risk premium for oil.

– Mexico plans to resume oil shipments to Cuba after a three-month pause, shipping data showed on Wednesday, a move that could help ease power outages and worsening fuel scarcity on the island.
Source: Reuters (Reporting by Trixie Yap; Editing by Shailesh Kuber)